(CNN) -- In September 2003 Juan Carlos Ferrero finished runner-up at the U.S. and moved to the top of the world rankings, having won the French Open title three months earlier.
On Wednesday, the Spaniard announced he was calling time on a professional tennis career which has seen him win 16 titles and collect over $13 million in prize money.
"The Valencia Open 500 will be my last tournament, on the best stage possible," the 32-year-old, who hails from nearby Villena, told the October event's official website.
"This season, injuries have prevented me from playing continually and it has been a complicated year because I noticed on the court that I did not have the same ambition after 14 years at the top level."
Ferrero hasn't played for two months due to injury, and a lack of form and fitness has seen him slip to 111th in the world rankings.
In addition to his grand slam triumph at Roland Garros, Ferrero was also part of the Spanish teams who won the Davis Cup in both 2000 and 2004.
"Among my memories, the Davis Cup in 2000 stands out because then I understood how important it is for the country, but for a player winning a grand slam or becoming world number one is the most important."
After losing the 2003 U.S. Open final to Andy Roddick, Ferrero became only the second Spanish player to ever reach world No. 1.
Ferrero's last title came in Stuttgart in June 2011, with his last appearance in a grand slam quarterfinal coming at Wimbledon in 2009.