The 40-year-old was considering competing at the Games to challenge for a fourth Olympic medal after winning gold at London 2012 and Tokyo 2020, and silver at Rio de Janeiro 2016 in the 470 class.

The 470 event in two years' time will be the first edition in Olympic history to be contested as a mixed sex competition.

"It was an incredibly difficult decision, I have been a member of this team for the past 22 years so closing that chapter was not a decision I took lightly," said Australian Belcher.

"I have been so lucky.

"I have sailed with some of the greatest athletes in the world, been a part of such a successful team and have been coached by some of the greats including Victor (Kovalenko).

"It has been a long and rewarding journey, but I am now 40-years old with a young family so the time is right for me to move on to the next phase of my life."

In addition to his Olympic success, Belcher has also won eight World Championships gold medals, was named World Sailing male sailor of the year in 2013 and was Australia's flagbearer for the Tokyo 2020 Closing Ceremony.

He has been appointed as the new chief executive of Australian Sailing's major partner Zhik.

Belcher has already been on the Board of the sailing apparel company for a year.

"Congratulations to Mat on a truly outstanding career," said Australian Olympic Committee President Ian Chesterman.

"Mat has been at the very top of international sailing for more than a decade.

"Even with our country’s rich Olympic sailing legacy, Mat stands atop as Australia's most successful Olympic sailor."