"It's with a lot of emotion that I retire from basketball, it was an incredible journey!"
In order to be inducted into the Naismith Memorial Basketball Hall of Fame, retired players must fulfill a variety of requirements.
Parker told The Undefeated he feels physically good enough to play two more seasons but in his mind he believes it is time to walk away.
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He was drafted 28th overall by the Spurs in 2001 and together with Tim Duncan and Manu Ginobili went on to form one of the NBA's most dominant Big Three units. He hinted after the season that he might be done playing, so the retirement announcement did not come as a surprise. I have so much stuff going on that I've always been at peace with that decision.
Spurs coach Gregg Popovich said he's loved Parker for a long time and praised him for an "amazing career".
He plans to live in San Antonio after retirement but will also spend time in France as the owner and president of ASVEL, a French professional men's and women's basketball team, The Undefeated reported. The game of basketball is for young guys. And so I knew that the time changed, and I was being very nostalgic.
"Winning", Parker said. "Winning. I'm grateful for the year he spent with us here in Charlotte and we wish him the best as he moves on to the next chapter of his life". "And so it was very weird to arrive to a team and you're like, 'There is no way we're going to win a championship.' ..."
Parker started 1,151 regular season games and averaged 15.5 points and 5.6 assists per game.
In a video posted Monday by ESPN, Parker announced that he was hanging it up after 18 years in the league.