Tucson, AZ -- (Sports Network) - Arizona men's basketball coach Lute Olson announced his retirement on Thursday, ending the 74-year-old's 25-year reign at the helm of the Wildcats.

UA athletic director Jim Livengood stated the school will soon begin a national search for a permanent replacement.

"This was not a decision that was made lightly," Olson said. "I've had a wonderful run at the University of Arizona. I leave with a great sense of pride in what we have accomplished here."

Olson has compiled a 780-280 career record at Arizona, Iowa, and Long Beach State. His 589-187 record with the Wildcats includes the 1997 national championship, four Final Four appearances, 11 Pac-10 titles, and 20 consecutive 20-win seasons. Olson has also won seven Pac-10 Coach of the Year awards.

His 27 NCAA Tournament appearances as a coach are one behind Bob Knight for the all-time record, and Olson entered the season second behind Duke's Mike Krzyzewski for most wins among active NCAA Division I men's coaches. Inducted into the Basketball Hall of Fame in 2002, Olson also guided Iowa to the 1980 Final Four.

"At this stage in my life, I want to devote my time to my children, grandchildren, great-grandchildren, family and friends," Olson said. "I look forward to watching Wildcat basketball and visiting with my colleagues in the coaching profession. It is time to pass the program on to a younger staff, to transition the university to the next generation of basketball."

The Wildcats are coming off a disappointing campaign in Olson's absence in which they went 19-15, 8-10 in the Pac-10, with former Olson assistant Kevin O'Neill at the helm. Arizona finished in seventh place in the Pac-10 -- its worst finish since 1982-83, the season before Olson started at Arizona -- but still ran its streak of consecutive NCAA Tournament berths to 24.

Arizona was eliminated in the first round by West Virginia.

Olson made it very clear earlier this year that he was intent on returning to the sideline for Arizona despite missing last season to deal with personal issues. When Olson took the leave of absence last November he did say that there were medical concerns as well.

"We will never replace Lute Olson," Livengood said. "But we do have to find a successor, and we have to move quickly. I intend to recruit a coach who is worthy to inherit Lute's astounding legacy."

O'Neill was designated Olson's successor last season, but that offer was rescinded after Olson announced he was returning. O'Neill, an assistant to Olson for four seasons prior to the 2007-08 campaign and from 1986-89, left the program and took a job as an assistant coach with the NBA's Memphis Grizzlies.

The Wildcats open this season on November 17 against Florida Atlantic.