The 69-year-old Stern is set to retire in 2014, according to a report from the New York Daily News. Stern has been the commissioner of the NBA since 1984, when he took the position from Larry O'Brien.
There reportedly will not be a search for a new commissioner, as deputy commissioner Adam Silver has already been pegged to replace Stern when he steps down.
During his 28-year tenure as commissioner, Stern has seen his league go through various ups and downs. Seven franchises were created during his tenure, including the Miami Heat and Minnesota Timberwolves.
Along with the creation of new teams, five teams also relocated during the 28-year period, including the notable move of the Seattle Supersonics to Oklahoma City in 2008.
Stern watched as his league enjoyed record TV ratings during the 90s at the height of Michael Jordan's fame, but he also presided over four lockouts, including one that has shortened the 2011-12 season.
The news will reportedly be made official when Stern announces it during the Board of Governors meeting in April.