The 30-year-old's career has nose-dived since his crowning moment in 2020, when Thiem beat Alexander Zverev in that year's pandemic-affected US Open final held behind closed doors.

"The season 2024 is gonna be my last one. I am gonna finish my career with the end of this season," Thiem said in a video statement posted on social media.

Thiem said several reasons had influenced his decision to retire, mainly his injured wrist and his "inner feeling" that had caused him to "very carefully" reflect on the ups and downs of his "incredible... journey as a tennis player".

He said he had thought about the decision to end his career "for a very long time".

"I am very happy with it (decision) and I am also super excited for everything what is coming next," he said.

Once the world number three, Thiem's ranking plummeted to 352 in June 2022 after a wrist injury sidelined him for nine months and prevented him from defending his US Open title.

He is currently ranked 117th.

Over the course of his career, Thiem won 17 tournaments, including the US Open in 2020.

Twice a finalist at the French Open and once at the Australian Open, he has also contested two finals at the end-of-year tournament in London that brings together the season's eight best players.

Serbia's Novak Djokovic praised Thiem earlier this week, saying the Austrian had "always shown respect on the court and always took the time to say hello", according to APA press agency.

"I really like Dominic. We all know how hard it is to come back (after an injury)," Djokovic was quoted as saying.