Renunciation of PR status

I have reapplied for PR under Spousal Sponsorship by my wife who is a citizen of Canada. I did not renew my previous PR which I got in 2006 completed my landing but did not stay on while my family moved in permanently in 2007. I decided to remain in service where I was working and made annual trips to be with the family. Not having met the the conditions to renew my PR and I decide to give it up.

I reapplied for under spousal sponsorship. With the new PR application in submission at IRCC I have received a request to submita compelted “Application to Voluntarily Renounce Permanent Resident Status” (Form IMM5782e). I am foxed whether this submission will terminate my current PR application or is it being to requested to terminate the previous PR. Appreciate if anyone coould throw some light on this.