After much speculation on the Internet today, it is official that Lute Olson will retire.

“”This was not a decision that was made lightly,”” Olson said in a news release. “”I’ve had a wonderful run at the University of Arizona. I leave with a great sense of pride in what we have accomplished here.””

UA athletic director Jim Livengood addressed the media in front of McKale Center at 5 p.m. today.

“”Moments agoÿ- and I mean moments ago – I received confirmation from Lute Olson and his representatives that he intends to retire from his position as the head basketball coach at the University of Arizona, effective immediately,”” Livengood said.

Last spring Olson said he was planning on coaching until 2011, but in his press conference Tuesday, he said, “”Everything is a year to year situation. The health, the energy, how well you communicate with the kids.””

Olson has a career record of 780-280 (.736) in 34 seasons as an NCAA Division I head coach and 589-187 (.759) in 24 years at Arizona.

He was inducted into the Naismith Memorial Basketball Hall of Fame on Sept. 27, 2002.

Read the print version of the Daily Wildcat Friday for further, in-depth coverage of Olson’s retirement.