Multiple news outlets are reporting that NBA commissioner David Stern will announce his retirement at a press conference late Thursday.

ESPN's NBA insider John Clayton reports that while Stern’s retirement will go into effect on Feb. 1, 2014, the elevation of Adam Silver, Stern's deputy, to commissioner was unanimously approved Thursday by the NBA Board of Governors.

Stern, 70, has been the NBA's commissioner since Feb. 1, 1984. Last December, a new collective bargaining agreement was announced, and he predicted it would be the final labor deal before he steps down.

"This is a 10-year (labor) deal, with a re-opener at six," Stern said at the time, explaining that either the owners or the players union can opt out after six seasons. "I'm not planning to be here certainly for the 10 and probably not the six."

Stern's involvement with the NBA dates back to 1978 when he joined the organization as General Counsel. He eventually became the league's Executive Vice President in 1980 and commissioner in 1984, succeeding Larry O'Brien. He is credited with increasing the popularity of the NBA in the 1990s and 2000s.