The 44-year-old said last week that he would discuss his future with his family before coming to a decision.
He has now decided to call an end to his incredible 22-year career in the NFL.
ESPN state that Brady’s decision to retire is based on several factors, including family and health.
He has not yet spoken of the decision but is preparing a statement.
The legendary quarterback was drafted by the New England Patriots in the sixth round of the 2000 NFL Draft.
He defied the odds to become their starter and went on to enjoy a quite incredible 19 years at the franchise.
Brady won six Super Bowl crowns with the Patriots before leaving in 2019.
He joined the Tampa Bay Buccaneers in 2020 and went on to win his seventh Super Bowl in his first season with the franchise.
Brady was looking to emulate that feat in the 2021 season but was unable to as his side were defeated by the Los Angeles Rams in the NFC Divisional Round.
That was his last ever game in the sport.
Tributes have been pouring in for the 44-year-old.
Julian Edelman, Brady’s good friend and long-time teammate at the Patriots, said: “Thanks for the memories, babe.”
Piers Morgan said of Brady: “The Man with the Golden Arm… what a player, what a career. 7-time Super Bowl champion, 5-time Super Bowl MVP, 22yrs of quarterback genius. Congrats @TomBrady – one of the all-time NFL greats.”
Happy retirement to one of the greatest American Football players of all-time.