It comes amid diminishing prospects of virtually any players from the National Hockey League (NHL) participating at next February's Games in Pyeongchang.

The world’s largest league announced in April that they would not participate for the first time since their inaugural Olympic appearance at Nagano 1998.

The Washington Capitals' star had claimed he would travel to South Korea regardless of whether his league participates.

But in a statement released by his club this morning, Ovechkin appears to have given up on competing in South Korea in February.

"The Olympics are in my blood and everybody knows how much I love my country," the statement read.

"Ever since I was a kid and all the time I have played in the NHL, the players have played in the Olympic Games.

"We have never had to make choice between our team and our country my whole career.

"We should not have to be in a position to make this choice. 

"I am very disappointed that the International Olympic Committee (IOC), the International Ice Hockey Federation (IIHF) and the NHL put me and all NHL players in this position, where some of the best players in world do not have the chance to play in the Olympic Games."

He added: "This is not just about me but all the NHL players who want to play and have a chance to win Gold for their country.

"Our countries are now not allowed to ask us to play in the Olympics.

"I said every time I was asked since Sochi 2014 that nobody is going to tell me I can't play because my country was going to be allowed to ask me.

"Now the IIHF and NHL say my country is not allowed to ask anybody in the NHL to play and there is nothing to talk about anymore.

"I hope things will change and all of us will have a chance to go again in 2022."

It is still possible that the NHL could change their mind but IIHF President René Fasel admitted to insidethegames earlier this month that it will take a "miracle" for this to happen.

IOC President Thomas Bach's refusal to continue covering travel and insurance costs of NHL players has been blamed for the failure to reach a deal.

Both Fasel and representatives from the IOC have since insisted that the quality of the tournament will not be affected and that the NHL will miss out on the opportunity to have the sport and its leading names exposed to different markets.

Fasel did say that they would be open to any NHL players participating, if they wanted to, but has since been quoted by Russian website Sport-Express as saying that his body “respects and will respect the NHL contracts” and will not back players wanting to compete regardless.