NEW YORK (CBS)

New York Jets quarterback Brett Favre will announce Wednesday his plans to retire, according to a report from ESPN.

The report says he has instructed his agent to inform the team of his decision.

"My time with the Jets was short, but I'm honored to be given that chance," Favre told an ESPN reporter in an e-mail.

Favre, 39, led the Jets to a 9-7 record in a season that looked incredibly promising at times, before playoff hopes were dashed in a late-season collapse when the team lost four of its final fives games.

He threw for 3,472 yards and 22 touchdowns for the season.

Favre's retirement will save the Jets his $13 million salary in salary cap space.

Back in July 2008, Brett Favre dismissed an ESPN report that he's considering coming out of retirement as "all rumor" - but by fall, the Super Bowl champion quarterback was in talks with first the Green Bay Packers, then the New York Jets, about returning to the field.

Favre "retired" from the Packers on March 6, 2008, after a 17-year career with the team.

A Gulfport, Miss., native, Favre became Southern Miss's starting quarterback in the third game of his freshman season. In September 1989, as a junior, he led the Golden Eagles to an upset of then-6th-ranked Florida State with a dramatic final drive. The six-and-a-half minute drive was capped by a game-winning touchdown pass with 23 seconds remaining.

After starring for four years at Southern Miss, Favre was selected by the Atlanta Falcons in the second round of the 1991 NFL draft.

In 1992, Favre's first season with the Packers started inauspiciously and included a four-fumble performance against the Bengals. He ultimately led the Pack to a 9-7 record and earned his first of nine career Pro Bowl selections.

The 1995 season was the first of Favre's three consecutive MVP campaigns. In 1996, he led the Packers to Super Bowl XXXI and completed 14 of 27 passes for 246 yards and 2 TDs as the Packers defeated the Patriots, 35-21.

Favre won his third consecutive MVP in 1997 and led the Packers to their second straight Super Bowl, only to fall to the Denver Broncos, 31-24, in that game.

In 2003, the day after his father died of a heart attack, Favre had arguably his best game as a pro, passing for 400 yards in a 41-7 defeat of the Raiders. He threw four TD passes in the first half. After the game, Favre joined his wife Deanna, a breast cancer survivor, on the field and credited his father for watching over him that night.

In the 2005, Favre tossed 29 interceptions, the most of his career, leading many to questions whether it was time for the legend to retire. But in 2007, a resurgent Favre broke several NFL passing records. Against rival Minnesota, Favre broke the all-timer career touchdowns record. He "finished" his career at the time with 442 TDs. Favre also set the mark for career passing yards in 2007 with 61,655 yards passing.

After weeks of speculation and discussion with Packers management, Favre opted to return to the game and was acquired by the Jets in a midnight deal on Aug. 7, 2008.

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