Bird took over as president of the team in 2008 and helped transform it into a contender in the East. The Pacers made their deepest playoff run in seven years this season, reaching the Eastern Conference semifinals against the Miami Heat.
Bird is “100% sure” he will not return as president of the team, according to the Indianapolis Star, which cited an anonymous source it said had direct knowledge of the situation.
Bird, 55, has been struggling with some health issues. He's expected to take a year off before deciding what to do next.
Bird became the first person to be named NBA Executive of the Year, Coach of the Year (in 1998 with the Pacers) and Most Valuable Player (1984, '85 and '86 with the Boston Celtics.).
Bird, who earned $1 million this year, is expected to meet with owner Herbert Simon on Tuesday to officially announce his retirement.