Update: ESPN 980 in Washington reports that Iverson is changing his mind and that he won't retire. NBA analyst Marc Stein just suggested this whole thing was just a ploy to generate some buzz and preempt football on Thanksgiving Day.

Ten-time All-Star Allen Iverson announced his intention Wednesday to retire from the NBA on Stephen A. Smith's blog.

Iverson said he still believes he can compete at the highest level, and that the decision will afford him the opportunity to spend more time with his family.

The somewhat sudden news comes after the 6-foot guard took a leave of absence from the Memphis Grizzlies after playing just three games this year. The two sides then decided to part ways, and Iverson was waived.

Despite having a career scoring average of 27.1 points per game, Iverson was used as a reserve player both in Memphis and last year in Detroit -- something that didn't sit well with the former star. His displeasure was likely a factor in the lack of interest from NBA teams. The New York Knicks briefly considered bringing him in, but ultimately decided he'd take too much playing time away from their younger players.