Former Australia captain Ricky Ponting has insisted that it is the "right time" for him to retire from all forms of cricket.

The prolific batsman, who stepped down from Test cricket last November, has announced plans to leave the game for good after the Champions League in October.

"While I'm enjoying my cricket as much as ever, it just feels like the right time to finish playing," said Ponting. "My body and mind are in great shape and I know I'm going to really enjoy these last few months before the next stage of life begins.

"I'm so grateful for the opportunities that the game of cricket has given to me. I'll be able to spend more time with family and friends, play a lot more golf and see more of North Melbourne footy games.

"Rianna and I will continue to build the work of the Ponting Foundation and, with more time on my hands, I'm intending on spending more time with children with cancer and their families."

Ponting, who has competed for Surrey this summer, has revealed that he is open to media opportunities, as well as coaching.

"I'm considering a couple of options in the cricket media and I'm very fortunate to have a wonderful group of commercial partners that I will be continuing to work with," Ponting added. "I got a taste for the off-field demands of coaching, mentoring and leadership at Mumba. I'd like to do more of this in the future."

Ponting boasts a score of 13,378 runs at international level from 168 matches for Australia.