NBA legend Chris Paul has announced his retirement after being released by the Toronto Raptors.

The 40-year-old, widely regarded as one of the sport's greatest point guards, was a 12-time NBA All-Star and 2006 Rookie of the Year.

One of only seven players to enjoy an NBA career spanning 21 seasons, Paul also helped the United States claim Olympic gold medals in Beijing in 2008 and then four years later in London.

"This is it! After 21 years I'm stepping away from basketball," he posted on Instagram.

"Mostly I'm filled with so much joy and gratitude! While this chapter of being an 'NBA player' is done, the game of basketball will forever be ingrained in the DNA of my life.

"I've been in the NBA for more than half of my life, spanning three decades. It's crazy even saying that."

Paul, who was nicknamed the 'Point of God', averaged 16.8 points, 9.2 assists, 4.4 rebounds and two steals a game during a 1,370-game career that started at the New Orleans Hornets in 2005 and effectively ended after a second spell at the Los Angeles Clippers.

He also featured for the Houston Rockets, Oklahoma City Thunder, the Phoenix Suns and the Golden State Warriors, but never played on an NBA championship-winning team.

He came closest to a gold ring in 2021, when Phoenix reached the NBA finals, only to lose to the Milwaukee Bucks.

Paul, who retires second in NBA history for both assists (12,552) and steals (2,728),

had not played since 1 December, with the Clippers trading him to Toronto earlier this month.