The 42-year-old called time on a decorated career and has turned his attention to a presidential run in his native Philippines.

Known as PacMan, he won his first major title at 19 when he took the WBC flyweight strap and in a professional career which spanned 26 years, he became the first octuple champion having won in eight different weight divisions.

In a social media post announcing the news, he said: “To the greatest fans and the greatest sport in the world, thank you! Thank you for all the wonderful memories.

“This is the hardest decision I’ve ever made, but I’m at peace with it. Chase your dreams, work hard, and watch what happens. Good bye boxing.”

The southpaw had his first professional bout aged 16 and finishes with a 62-8-2 record, with 39 wins coming by knockout.

His most recent bout was a hastily-convened fight against Cuban Yordenis Ugas in Nevada in August, which he lost by unanimous decision.

Pacquiao announced a run for the Philippine House of Representatives in 2007 but was knocked back at the polls, eventually winning at the ballot box in 2010.

He became a senator in 2015 and announced a bid to become president earlier this month.

In the video posted online, he said: “Boxing has always been my passion, I was given the opportunity of representing the Philippines, bringing fame and honour to my country every time I entered the ring.

“I am grateful for all my accomplishments and opportunity to inspire the fans.

“Who would have thought that Manny Pacquiao would end up with 12 major world titles in eight different weight divisions? Even me I’m amazed at what I have done.

“Today, I am announcing my retirement. I never thought that this day would come. As I hang up my boxing gloves, I would like to thank the whole world, especially the Filipino people, for supporting Manny Pacquiao.

“Goodbye boxing. Thank you for changing my life when my family was desperate, you gave us hope. You gave me the chance to fight our way out of poverty.

“Because of you, I was able to inspire people all over the world. Because of you, I have been given the courage to change more lives.”

5 of Manny Pacquiao’s most memorable fights as he calls time on boxing career

Manny Pacquiao has brought the curtain down on a glittering, world title-laden career that spanned 26 years in order to concentrate on a presidential run in his native Philippines.

Rated as one of the all-time great fighters after winning world honours in eight weight classes, Pacquiao was involved in some of his era’s all-time classic dust-ups.

Here, we look at five of Pacquiao’s most memorable fights.

Juan Manuel Marquez – May 2004

After catapulting himself to wider recognition by stopping Marco Antonio Barrera the previous year, Pacquiao took on another Mexican in Juan Manuel Marquez, the first fight in what would go on to be one of this century’s best rivalries. Marquez rallied from being knocked down three times in the opening round to force a split draw. Pacquiao won their next two fights courtesy of controversial points decisions in 2008 and 2011 before Marquez had the final say with a brutal sixth-round knockout in 2012.

Ricky Hatton – May 2009

A few months after ending the career of Oscar De La Hoya, Pacquiao stepped up to light-welterweight for the first time to take on the fighter many seasoned observers regarded as the best at 140lbs. There was a cordial, even friendly air to the build-up, with Ricky Hatton beating Pacquiao in a game of darts. Hatton employed Floyd Mayweather Sr as his cornerman on fight night and it was thought the Mancunian’s experience in the division would prove telling but he was blown away inside two rounds. Knocked down twice in the opening three minutes, Pacquiao provided the coup de grace in the dying seconds of the second round with a left hook rendering Hatton unconscious.

Miguel Cotto – November 2009

Pacquiao immediately set his sights on welterweight and challenged the formidable WBO titlist Miguel Cotto – although a catchweight of 145lbs was set. Cotto’s power was well-known but Pacquiao’s blurring speed and precise timing was the key, with the Puerto Rican knocked down in the third and fourth rounds and cut to ribbons before the fight was mercifully stopped a couple of minutes before the final bell. Arguably the finest win of his career, this seemed to put Pacquiao on course for a showdown against Floyd Mayweather, which did not materialise until six years later.

Floyd Mayweather – May 2015

Billed as the ‘Fight of the Century’, this long-awaited and much-anticipated contest which earned both pugilists upwards of nine figures underlined Floyd Mayweather’s status as the finest boxer of his generation. Pacquiao was inhibited by a shoulder injury and claimed he won afterwards but scorecards of 118-110, 116-112 and 116-112 reflected his rival’s dominance, with Mayweather controlling proceedings with a ramrod jab and straight right. In truth, this event was something of a let down for many observers and, while Pacquiao courted a rematch in the years that followed, Mayweather went in a different direction.

Keith Thurman – July 2019

Having beaten Mayweather’s former protege Adrien Broner earlier in the year, Pacquiao received an unexpected opportunity at unbeaten WBA welterweight champion Keith Thurman. Pacquiao rolled back the clock with a fine display in the first few rounds, knocking the Floridian down towards the end of the first three minutes. Thurman rallied in the middle of the fight but was visibly hurt in the 10th by a bruising body shot. Pacquiao was awarded a split decision win, becoming the oldest welterweight champion in history, aged 40.