Renunciation of PR status

Hi
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.
Thanks
Bhognath