Tom Brady "set a standard that players will chase for years" during his storied NFL career that commissioner Roger Goodell paid tribute to following the legendary quarterback's retirement.

An ESPN report on Saturday revealed Brady was set to bring his career to a close after 22 seasons in the NFL.

Those claims were soon disputed, with the Tampa Bay Buccaneers superstar "still going through the process" on Monday as he discussed his future.

But Tuesday brought an official statement from the 44-year-old on his Instagram page.

Brady commented that the sport required "100 per cent competitive commitment" but he could no longer live up to that expectation, choosing instead to focus "time and energy on other things that require my attention".

His retirement sees the NFL lose an icon and star who has thrilled audiences for nearly quarter of a century, with his seven Super Bowl wins unmatched by anyone in the sport's history, and Goodell paid tribute to Brady's longevity and legacy.

"Tom Brady will be remembered as one of the greatest to ever play in the NFL," Goodell said in a statement.

"An incredible competitor and leader, his stellar career is remarkable for its longevity but also for the sustained excellence he displayed year after year.

"Tom made everyone around him better and always seemed to rise to the occasion in the biggest moments.

"His record five Super Bowl MVP awards and seven Super Bowl championships set a standard that players will chase for years.

"He inspired fans in New England, Tampa and around the world with one of the greatest careers in NFL history. 

"It has been a privilege to watch him compete and have him in the NFL. We thank him for his many contributions to our game and wish Tom and his family all the best in the future."