Billups announced Tuesday that he will retire after 17 NBA seasons, Yahoo! Sports' Marc J. Spears reports.

The Pistons declined the second and final year of a contract option that would have paid him $2.5 million next season, leaving the veteran with a presumably quiet market. Billups is best known for his time with the Detroit Pistons, during which he won the 2004 NBA Finals Most Valuable Player award, and earned the nickname, "Mr. Big Shot." If he chooses, he'll likely be afforded opportunities in either coaching or broadcasting, but his days as a fantasy commodity are officially over.

Free agent PG Chauncey Billups is working out in Las Vegas in the hopes of earning another NBA contract.

Billups has reportedly looked great during workouts, but at 37 years old he won't be considered for more than a bench role on the court. The 17-year veteran struggled with injuries last season, averaging 3.8 points in 19 appearances for Detroit, and it speaks to his work ethic that he's trying to prolong his playing career.

The Pistons will not be picking up their team option on Chauncey Billups for the 2014-15 season.

Chauncey Billups will become an unrestricted free agent, but it's more likely he calls it quits on his career. Billups has only made it through a maximum of 22 games in the past three seasons, and he has reportedly been courted by Minnesota to come on as an assistant coach for former coach Flip Saunders. This could mark the end of an illustrious career.

Chauncey Billups feels healthier than he has in years, but he hasn't decided whether to retire or return for another season in Detroit.

"You don't want to end the way that my last couple of seasons ended," said Billups, who only appeared in 19 games during an injury-plagued 2013-14 campaign. "But I'm back from that now. Had the knee injury last year. Just getting older." Billups all but confirmed that he's been offered an assistant coaching job with the Timberwolves, but for now he's leaving the door open for an on-court return under new Pistons coach Stan Van Gundy.

The Timberwolves will reportedly pursue Chauncey Billups to be one of their assistant coaches.

Billups has yet to officially retire from the NBA, but he has failed to play more than 22 games for four straight seasons, so he may seriously consider joining his old head coach, Flip Saunders, on the Timberwolves bench. Billups had previously said he'd like to see how his surgically-repaired knee heals before he makes a decision, but the writing may be on the wall for him if the Wolves come knocking with an offer he can't refuse.

Chauncey Billups suggested that he might continue playing in the NBA next season if his surgically-repaired knee improves sufficiently.

"The knee ... will let me know if I can come back and play, if that's an option," Billups said. He hasn't completely ruled out a return this season but it seems very unlikely since Detroit has five games remaining and Chauncey hasn't done any 5-on-5 workouts since having surgery in February. The veteran has repeatedly said he wants a job in NBA management or possibly coaching once his playing days are over.

Chauncey Billups (knee) admitted that he's "not sure" if he'll play again this season.

Billups recently began intense on-court workouts but he has yet to go full-court. With only seven games remaining in Detroit's disappointing season it would be a surprise to see him on the court, and it's unclear if the Pistons will exercise their $2.5 million team option to keep him next season.

Chauncey Billups (knee surgery) is holding out hope that he can return this season.

While Billups has a desire to return this season, there are only 15 games left on the Pistons' schedule so the clock is ticking for the 37-year-old to return this season. "You never do know when it's going to be up," Billups said. "And obviously the older you get, the closer it gets. I would like to walk out on my own and not have to crawl out." Mr. Big Shot hasn't played since February 7 and has only played 38 minutes since the calendar turned to 2014, so his fantasy value is essentially at rock bottom even if he is able to return this season.

Chauncey Billups (knee surgery) is hoping he can return to the court this season.

While Billups hopes to return to game action after undergoing knee surgery to repair a torn meniscus last week, he also remains realistic about the fact that he may not return this season. "Father Time is undefeated, man," Billups said. The 37-year-old has only played 19 game all season, so fantasy owners shouldn't be holding out hope for any type of value from Mr. Big Shot even if he is able to return this season.

Chauncey Billups will have knee surgery to repair his right meniscus.

His season and career might not be over just yet, but it's anyone's guess as to when he'll play again. He was already sitting out back-to-backs and averaging just 16 minutes a game in his 19 appearances this year, but the plan is for him to return to action before the season is over. And for those of you saying to yourself "He's still in the NBA?," we can tell you that he shouldn't have been on any fantasy rosters this season, regardless of how deep the league.

Chauncey Billups returned to action on Friday with two points, two assists and two turnovers in nine minutes off the bench.

Billups' activity may have been prompted by Will Bynum's recent confrontation with coach Mo Cheeks, though Cheeks insisted he simply "wanted to play Chauncey." It's nice to see Billups back in action after battling a sore knee for most of the season, but he's unlikely to play in the second of back-to-back games on Saturday and he's not a fantasy option in his current role.

Pistons head coach Mo Cheeks said Chauncey Billups "probably" wouldn't play on Wednesday.

The 37-year-old veteran only logged eight minutes on Tuesday against the Knicks and is expected to sit out the second game of back-to-back contests. Billups doesn't produce enough at this stage of his career to warrant fantasy consideration in standard leagues.

Chauncey Billups returned to action on Saturday December 28.

Chauncey Billups will not play against the Magic on Friday.

Chauncey Billups will not play on Monday night against the Pacers.

He played 17 minutes against the Blazers on Sunday and the team continues to keep him out in back-to-back sets. Billups has almost no fantasy value.

Chauncey Billups returned to action on Friday December 13.

Chauncey Billups is active for Friday's game against the Nets.

He received a night off on Wednesday after returning to the lineup on Tuesday with 18 minutes of action. Billups missed 14 games this season due to a knee injury and his 37-year-old frame will need plenty of rest as the season progresses. Fantasy owners should be able to come up with a better idea than adding Billups.

Chauncey Billups will get a night off on Wednesday.

He played 18 minutes in his return to action on Tuesday night. Billups is playing just 21.6 minutes per game and this won't be the last time he gets a night off in his age-37 season.

Chauncey Billups (knee) will play against the Timberwolves on Tuesday.

Billups hasn't played in almost a month, so he should not be expected to play a significant amount of minutes on Tuesday as he works his way back into game shape. It's nice to see Mr. Big Shot healthy again, but his glory days are behind him and fantasy owners can feel free to look elsewhere.

Chauncey Billups (knee) practiced on Friday, and said he is not quite ready to return, but close.

Billups is far removed from his days of being a fantasy stud, and is now simply trying to accommodate himself in a reserve role. With Brandon Jennings at the helm of the Pistons offense, you'd have to be in an extremely deep league for Billups to be a fantasy asset.