Bud Selig plans to retire as commissioner of Major League Baseball in January 2015 after more than 22 years on the job.

"It remains my great privilege to serve the game I have loved throughout my life," Selig said in a statement. "Baseball is the greatest game ever invented, and I look forward to continuing its extraordinary growth and addressing several significant issues during the remainder of my term.

"I am grateful to the owners throughout Major League Baseball for their unwavering support and for allowing me to lead this great institution. I thank our players, who give me unlimited enthusiasm about the future of our game. Together we have taken this sport to new heights and have positioned our national pastime to thrive for generations to come. Most of all, I would like to thank our fans, who are the heart and soul of our game."

Selig will leave Jan. 24, 2015, which would mark the second-longest term for a baseball commissioner behind Kenesaw Mountain Landis, who served from 1920 to 1944.

He also said he will announce a transition plan shortly that will include a reorganization of central baseball management.