Knicks head coach Mike Woodson said, via New York Knicks PR, "Rasheed has given this team everything he had."
The 38-year-old was selected to the All-Star team four times during his career. He also won a championship with the Detroit Pistons during the 2003-04 season.
Wallace finishes with career averages of 14.4 points, 6.7 rebounds, 1.3 blocks and 1.0 steals while shooting 46.7 percent from the field.
He also ranks in the top 100 in NBA history in total rebounds, defensive rating, field goals, three-point field goals, three-point field-goal attempts, blocks, block percentage, minutes played, win shares and points, according to Basketball-Reference.com. Wallace is also the league record-holder for technical fouls.
The longtime veteran played on six different teams during his career, including the Washington Bullets, Portland Trail Blazers, Atlanta Hawks (one game), Detroit Pistons, Boston Celtics and New York Knicks.
Wallace suffered a stress fracture in his foot in December (via the New York Daily News). In his return to the floor in Monday's loss to the Charlotte Bobcats, he re-injured his foot after only four minutes, signaling the end of his season (via the New York Post).
The NBA is not going to be the same without the fiery big man, who was known just as much for his personality as he was for his play on the court.
This is Wallace's second retirement. He retired after the 2009-10 season, only to return for the 2012-13 campaign.