Jason Kidd announced his retirement Monday after playing 19 seasons in the NBA.
The point guard, who signed a three-year, $9.3 million contract with the New York Knicks last year, made the decision at a wedding in Georgia over the weekend, ESPN reported.
"I think it is the right time," Kidd said. "When you think about 19 years, it has been a heckuva ride. Physically, I want to be able to participate in activities with my kids so it has taken a toll. It is time to move on and think about maybe coaching or doing some broadcasting."
Regarded as one of the greatest point guards in NBA history, the 40-year-old said that he had been discussing his retirement with his agent Jeff Schwartz and his family.
"We talked a lot and we felt it was the right time to move on and so we notified the Knicks. They were kind of taken aback. We told them [earlier] that I wanted to come back and play. But this weekend was when we got a chance to relax [and really think about it]. It is the right thing to do," he said.
Kidd noted that he leaves the NBA with a legacy that includes winning a championship title with the Dallas Mavericks and two Olympics gold medals with Team USA.
"The two things that are probably tied for first are winning a championship with the Mavericks and also being able to win a gold medal -- two gold medals with Team USA," Kidd said of what he's most proud of in his career. "And then underneath that will probably be sharing Rookie of the Year with Grant [Hill]."
In the 2012-2013 season, Kidd averaged averaging 6 points, 4.3 rebounds and 3.3 assists in 76 appearances for the Knicks.
In official statement released by the Knicks, General Manager Glen Grunwald said that Kidd's contributions on the court will be greatly missed.
"Everyone here in New York saw firsthand what a tremendous competitor he is and why Jason is considered to be one of the best point guards, and leaders, the game has ever seen."