Stern will retire in 2014, according to multiple sources (reported by ESPN here).
Stern has been the commissioner since 1984, meaning he will have served as the active commissioner for three decades. It appears his successor will be Adam Silver.
Stern was the fourth NBA commissioner, succeeding the likes of Larry O'Brien, Walter Kennedy and Maurice Podoloff.
Over Stern's tenure as the active commissioner, seven teams were created, including the New Orleans Hornets, Minnesota Timberwolves, Miami Heat, Orlando Magic, Toronto Raptors and the Charlotte Bobcats.
Six franchises relocated during this stretch of time, including the Clippers, Kings, Hornets, Grizzlies, Supersonics (now the Thunder) and the Nets.
Stern was also involved in four different NBA lockouts while serving as the commissioner, most recently last year.
He has also recently affected the game of basketball by instating an anti-flopping rule that will penalize and potentially fine players for attempting to deceive the officials.
The NBA draft will certainly have a different feel to it without Stern calling out the names of future stars, and we will have to wait and see if New Yorkers are any friendlier to his successor.
Regardless of your opinion of whether Stern has been a successful or unsuccessful commissioner, this represents a major change in the game of basketball.