WATCH the Italian Open LIVE in Australia on beIN SPORTS | Sign up here

Thiem memorably fought back from two sets down to beat Alexander Zverev in the final of the 2020 tournament at Flushing Meadows, also reaching three other grand slam finals during his career.

Having reached a career-high ranking of No.3 in the world in the aftermath of that US Open success, Thiem has since struggled with wrist and knee injuries, failing to progress beyond the second round of a major since the 2021 Australian Open.

The Austrian failed to reach the recent Madrid Open, going down to Australia's Thanasi Kokkinakis in qualifying on the clay, which he had previously regarded as his strongest surface.

In a video posted to Instagram, the 30-year-old said: "I have to tell you a very important, and very sad but very beautiful message. The 2024 season will be my last one, I'm going to finish my career at the end of the season.

"There are reasons behind it; first of all, my wrist is not exactly the way it should be, and the second reason is my inner feeling.

"I was thinking about this decision for a very long time, thinking about my whole journey as a tennis player, which was incredible.

"I've had success and won trophies I would never have dreamed of. It was an incredible journey that I am so thankful for, but in the end I came to the conclusion that this decision is the only right one."