Seven senior Fifa officials were arrested in Zurich on Wednesday at the request of US prosecutors.
UK Prime Minister David Cameron is calling for Mr Blatter to resign but Russian President Vladimir Putin has backed Mr Blatter for a fifth term.
Mr Blatter told the emergency meeting he would not resign.
Friday's
presidential election will now go ahead and Europe's football body
Uefa, which had threatened a boycott, says it will attend.
The head of Uefa, Michel Platini, had asked Mr Blatter to resign at the crisis talks in Zurich, which involved heads of the six international confederations.
Key sponsors have expressed concern over twin corruption investigations by both the US and Swiss authorities.
Fifa bans
Mr
Blatter was not among the 14 people charged by the US authorities on
Wednesday with racketeering, fraud and money laundering. Seven were the
Fifa officials arrested by Swiss police in Zurich.
The emergency meeting was Mr Blatter's first appearance since the crisis began on Wednesday.
At
a Uefa press conference later, Mr Platini said he had asked Mr Blatter
for a private meeting but the president had asked him to speak in front
of the other confederation heads.
Mr Platini said he had asked Mr
Blatter "as a friend" to resign, but the president said it was too late
as Fifa's congress was about to start.
Mr Platini said: "So many scandals have shaken Fifa. Fifa does not deserve to be treated like this."
Uefa
agreed at its meeting on Thursday to throw its weight behind Jordan's
Prince Ali bin al-Hussein, Mr Blatter's only challenger, in Friday's
vote.
The vice-chairman of England's Football Association, David
Gill, said he would not take up his post on Fifa's executive committee
if Mr Blatter was re-elected.
The Confederation of African
Football (Caf) said in a statement that it opposed any delay to the
vote.
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