According to the report, the 38-year-old Iverson has come to terms with the fact that his playing career is finished. He has not played professionally since 2011 in Turkey.
On his bobblehead night in Philadelphia in March, Iverson indicated he still hoped to return to the NBA. Just two months earlier, he turned down an opportunity to launch a comeback in the NBA Development League.
Iverson also previously rebuffed opportunities to sign lucrative deals in China, instead eyeing a return to the NBA.
Considered one of the best pound-for-pound scorers in NBA history, Iverson -- listed at under 170 pounds for much of his career -- averaged 26.7 points and 6.2 assists during his 14-year career that included stops with the Philadelphia 76ers, Denver Nuggets and Memphis Grizzlies.
"He might be the greatest athlete I've ever seen," Larry Brown, Iverson's coach from 1997-2003 with the 76ers, told Slam. "I don't think there'll be another one like him."
Iverson, a former No. 1 overall pick out of Georgetown, was the 1997 Rookie of the Year, the 2001 MVP, a three-time All-NBA First-Team selection and a four-time scoring champion.
Iverson led the Sixers to the 2001 NBA Finals and is firmly cemented as one of the franchise's all-time greats. He is the franchise leader in 40-point games (76) and 3-pointers (885), and is second behind Hal Greer in points (19,931).
In recent years, Iverson also has made headlines off the court. In December, divorce filings revealed he had serious financial issues.
Information from The Associated Press was used in this report.