Ricky Rubio has announced his retirement from the NBA.

The news comes after he agreed to a contract buyout with the Cleveland Cavaliers amid his absence from the club, according to ESPN's Adrian Wojnarowski.

Wojnarowski added that if Rubio decided to play professional basketball again, it would be in Spain.

Rubio had $6.1 million remaining on his contract for 2023-24 and $6.4 million for 2024-25 after agreeing to a three-year, $18.4 million deal with the Cavaliers in July 2022.

The 33-year-old announced in August that he would be stepping away from basketball to focus on his mental health with no timetable for a return.

"I have decided to stop my professional activity to take care of my mental health," Rubio said in a statement via the Spanish Basketball Federation (h/t The Athletic). "Today #Family makes more sense than ever … I ask to respect my privacy to be able to face these moments and to be able to give more information when the time is right."

It became clear that Rubio and the Cavaliers were working toward a divorce when The Athletic's Shams Charania and Joe Vardon reported last month that the two sides had "begun discussing a potential parting of ways."

Jake Fischer of Yahoo Sports also reported that the Cavaliers wanted to use Rubio's salary slot to improve the team ahead of the Feb. 8 trade deadline.

The Cavaliers have struggled to a 19-15 record this season due to injuries, and the franchise remains without Darius Garland, who is recovering from jaw surgery. However, the Cavs remain in playoff contention, and adding some talent at the deadline would help the franchise better contend with the Eastern Conference's elite.

Rubio spent the last two seasons in Cleveland, though he only played 67 games in that span. He averaged 9.2 points, 3.1 rebounds and 5.1 assists in his short tenure with the Cavaliers.

The Minnesota Timberwolves selected Rubio with the No. 5 pick in the 2009 draft and he spent seven seasons with the franchise. He also suited up for the Utah Jazz and Phoenix Suns.

In 698 games across his 12-year NBA career, Rubio averaged 10.8 points, 4.1 rebounds and 7.4 assists while shooting 38.8 percent from the floor and 32.4 percent from deep.

Rubio was also a standout for the Spanish national team, winning a silver medal at the 2008 Olympics, a bronze medal at the 2016 Olympics and a gold medal at the 2019 FIBA Basketball World Cup. He also won gold with Spain in the European Basketball Championship (EuroBasket) in 2009 and 2011.