Australian basketball veteran Andrew Bogut has announced his retirement from the game effective immediately.

Bogut will not participate in the NBL this season with the Sydney Kings and has opted out of the 2021 Tokyo Olympic games.

“The decision hasn't been an easy one, but I think it's the right one so without further ado, the decision I've made on where I'll be signing for next year is absolutely nowhere,” Bogut said on his podcast.

“I'll be retiring from professional basketball effective immediately.

“I would've made this decision earlier if it wasn't for the postponement of the Olympics. I was hoping to get to 2020 … and call it a day after that and that would've been my fourth Olympics and selfishly that would've been a great accolade to have four Olympics under your belt, but it's just not meant to be.

“I can't physically and mentally get to 2021 with the way the body has been, I mean I could, on painkillers and a lot of physical and mental pain, but it's just not worth it at this point in my career.”

Bogut's professional career started in 2005 when he was drafted with the first overall selection in the NBA Draft.

The Aussie great won the NBA Championship with the Golden State Warriors in 2015.