The Chicago Bulls selected the Duke standout with the No. 1 pick of the 1999 NBA draft. Brand shared Rookie of the Year honors with Steve Francis for the 1999-2000 season. He played 17 seasons in the NBA and was in his second stint with the 76ers when he announced his decision to retire.
Brand was a two-time All-Star when he spurned better offers and signed an $82 million, five-year free-agent contract in 2008 with Philadelphia.
He made the announcement Thursday at the Sixers' training complex in Camden, New Jersey. Brand said playing in the NBA has been "a wonderful journey. It's been an honor and a privilege."
Brand had not played in the preseason. He will still collect $1 million from the Sixers.