Barack Obama to deliver farewell address in Chicago on Jan 10

US President Barack Obama on Monday has said that he will deliver his farewell address to the nation on January 10 from his home city of Chicago, thanking the American people for the "amazing journey" he had during the last eight years.

"I'm thinking about them as a chance to say thank you for this amazing journey, to celebrate the ways you've changed this country for the better these past eight years, and to offer some thoughts on where we all go from here," Obama said in a statement today.

Obama, 55, said he was following the precedent set by George Washington, who penned a farewell address to the American people over 220 years ago, the CNN reported.

George W Bush also delivered a farewell address in 2009 from the White House.

"Since 2009, we've faced our fair share of challenges, and come through them stronger," Obama said.

"That's because we have never let go of a belief that has guided us ever since our founding -- our conviction that, together, we can change this country for the better."

President Obama has said that while he won't weigh in on every issue once he is out of the White House, he would consider speaking up about issues that go to "core questions" about American values and ideals.

Chicago is where President Obama got his start in politics after graduating from Harvard Law School and where the first family called home before moving to the White House. Obama's presidential library will also be located in Chicago.

President-elect Donald Trump will be sworn into the office on January 20.

During his campaign for the White House, Trump pledged to undo many of Obama's signature policy measures, including his healthcare law.

Obama, who campaigned hard for Trump's Democratic opponent Hillary Clinton, has sought to ensure a smooth transition of power despite major policy differences with his successor.