Veteran free agent Ray Allen announced Wednesday he won't return this season.  Although Allen isn't suiting up this year, he didn't rule out playing again next season.

After months of speculation, Allen finally made it official: He won't play this year.

"Over the past several months, I have taken a lot of time to deliberate what is best for me," Allen said in a statement, according to ESPN. "I've ultimately decided that I will not play this NBA season. I'm going to take the remainder of this season, as well as the upcoming offseason, to reassess my situation, spend time with my family and determine if I will play in the 2015-16 season."

Allen, 39, had drawn interest from a number of teams, including the Cleveland Cavaliers, the Washington Wizards, the Chicago Bulls, the Los Angeles Clippers, the San Antonio Spurs, the Miami Heat, the Atlanta Hawks and the Golden State Warriors.  Cleveland always had been considered the frontrunners to sign him, mainly due to Allen's friendship with Cavaliers superstar LeBron James and the fact Cleveland would be a playoff-contender.

The 3-point specialist had been working out all season to keep in shape, and he'll presumably do the same during the summer to keep his options open for next season.

"Ray has received enormous interest from a number of NBA teams throughout this season," his agent, Jim Tanner said in the statement. "We will communicate with interested teams as Ray makes a decision for the 2015-16 season."