Retiring Los Angeles Lakers great Kobe Bryant said he is "at peace" with his decision to walk away from basketball at this season's end.

The 2015-16 NBA campaign will be Bryant's 20th and final season in the league after announcing his retirement plans on Sunday.

Bryant's decision to retire came as a surprise to Lakers coach Byron Scott, who thought the five-time NBA champion and 17-time All-Star could have played another season.

But 37-year-old Bryant, who is the third-highest point scorer in NBA history, feels like a weight has been lifted off his shoulders.

"I've known for a while," Bryant told reporters after Sunday's 107-103 loss to the Indiana Pacers, in which he was four-of-20 from the field for 13 points.

"A decision like this, you can't make that decision based on outside circumstances.

"It has to be an internal decision, and finally I've decided to accept that I can't actually do this anymore and I'm OK with that.

"It takes a weight off my shoulders and everybody else's. I feel at peace. I feel excited about what is to come."

Originally drafted 13th overall by the Charlotte Hornets in 1996, Bryant also revealed he sought retirement advice from legendary former Chicago Bulls guard Michael Jordan.

Bryant is regarded as one of the greatest of all time alongside Jordan, who retired in 2003 with six NBA titles and five MVPs.

"[Jordan] is actually one of the first people that I told over the summer," Bryant said. "We've been in frequent contact.

"We had some laughs, went back and forth about it. But the important thing for him, he said, 'Just enjoy it. No matter what, just enjoy it. Don't let anybody take that away from you, no matter what happens, good or bad. Enjoy it, man.'"