Australian NBA star Andrew Bogut is hanging up his sneakers for the season – and missing out on a huge cash windfall - for family reasons.

Bogut, 33, is home in Melbourne with his wife, Jessica, who is pregnant with their second child, which has been deemed by doctors as high-risk.

On social media this morning, Bogut tweeted that he would not return to the NBA for the remainder of the 2017/18 season due to family needs.

Andrew Bogut and wife Jessica are expecting their second child. (Supplied)

“I had returned to Australia in February for the death of my grandfather,” he tweeted.

“On top of that, my wife’s pregnancy with our second child was diagnosed as a high-risk pregnancy.”

Bogut said his wife would not be able to travel to the US to support him.

Miroslav Raduljica of Serbia (left) looks to take possession off Andrew Bogut (right) during the Men's Basketball Semifinal between Australia and Serbia in 2016. (AAP) (AAP)

Andrew Bogut tweeted that he is still training and will be ready to sign for the 2018/19 season. (AAP) (AAP)

“I decided to stay in Australia through the pregnancy, rather than signing a 10-day contract to finish the season/playoffs,” he said.

“This was a decision which has been up in the air for the past few months, but ultimately, I decided being home and around as much as possible during this period was the best thing for my family.”

In the tweet, he also stated that he was still training and would be ready to sign for the 2018/19 season.

Philadelphia 76ers Joel Embiid, (front right) of Cameroon, makes his move against Los Angeles Lakers Andrew Bogut, left, of Australia, during the second half of an NBA basketball game in December last year. (AAP) (AAP)