Once the lynchpin of the Chicago Bulls franchise after he became the number one pick in the draft, Rose began his NBA career with a Rookie of the Year award in 2009 before he was named the MVP in 2011.
But his career was marred by injuries, with an anterior cruciate ligament (ACL) tear in the 2011-12 playoffs and a torn meniscus that needed surgery two seasons later severely reducing his minutes on court.
"Thank you, my first love. You believed in me through the highs and lows, my constant when everything else seemed uncertain. You showed me what love truly meant," the three-times All-Star wrote in a statement on Instagram.
"You turned the court into my sanctuary, a home where I could express myself freely... You stood by me even when the world seemed against me, unconditionally, waiting for me to pick you up.
"You gave me a gift, our time together, one that I will cherish for the rest of my days. You told me it's okay to say goodbye, reassuring me that you'll always be a part of me, no matter where life takes me."
After eight years with the Bulls, Rose also played for the New York Knicks, the Cleveland Cavaliers, the Minnesota Timberwolves, the Detroit Pistons and the Memphis Grizzlies.
The Bulls described him as "the kid from Englewood turned into a Chicago legend" in a post on Instagram thanking him for what he had accomplished with the former champions.
In his final season with the Grizzlies, he was limited to just 24 games, making only seven starts.
"We are grateful for your meaningful contributions to this team and this city, and wish you all the best in this next chapter of life," the Grizzlies said in a statement.