Bud Selig (Photo by Jonathan Fickies/Getty Images)

Major League Baseball commissioner Bud Selig is set to formally announce his retirement Thursday afternoon, CBSSports.com has reported. The retirement will take effect in January 2015.

Selig, 79, has hinted at retirement before, but allegedly this time it’s for real.

MLB has grown under Selig, both in popularity and financially. He has overseen changes to the game such as the implementation of the wild-card system, interleague play and instant replay.

But Selig also has his critics. He represented MLB during the 1994 strike and canceled the World Series for the first time since 1904. Selig also presided over the so-called “Steroid Era.”