Major League Baseball Commissioner Bud Selig will announce Thursday that he is officially retiring when his contract ends on Jan. 24, 2015, FOX Sports Insider Ken Rosenthal reports.
Selig has long insisted that he would step down when his current deal ends.
Selig has been in charge of MLB since 1992, first as an interim commissioner and then permanently in 1998.
By not staying on longer, Selig will fall short of surpassing Kenesaw Mountain Landis as the game's longest-serving commissioner.
This has been a busy season for the 79-year-old MLB boss.
He announced an extensive expansion of baseball's replay rules that is set to go into effect next season if approved by the owners, players union and umpires union.
He was also at the helm during MLB's most far-reaching crackdown on PED use, when the sport suspended 14 players as a result of the investigation into Biogenesis, the now-closed Florida anti-aging clinic accused of distributing banned performance-enhancing drugs.