The forward, who is a younger brother of Pau Gasol who won back to back NBA championships with the Los Angeles Lakers in 2009 and 2010, announced his decision at a press conference on Wednesday in Barcelona.
"There's a part of me that still said I could play. But no - you've got to pour water on that fire," Gasol said.
"I wouldn't change a second of what has happened to me in these 20 years. Not even the screw-ups. I don't have a single thorn in my side. I'm very lucky."
The 6-11 forward played in the NBA for 13 seasons, 11 of with the Memphis Grizzlies where he is second in the all-time scoring list. He was traded to the Raptors in 2019 and helped Toronto to their first Larry O'Brien trophy as NBA champions.
He was a key member of Spain's World Cup teams in 2006 and 2019 and helped his country win Olympic silver medals in 2008 and 2012.
"Marc Gasol leaves a legacy of success and values that makes him (part of) history of Spanish basketball," Elisa Aguilar, the president of the Spanish Basketball Federation, posted on social media platform X.
Gasol most recently played for Basquet Girona, a team he founded in 2014. He also served as the team's president.
