Former Olympic sprint champion Michael Johnson has urged Usain Bolt to "find a passion" following the latter's announcement that he has officially retired from sport.

Bolt is an eight-time Olympic Champion and still holds world records in the 100 and 200 meter events, the latter of which he took from Johnson in 2008. However, after an unsuccessful attempt to forge a professional soccer career, the Jamaican has declared his "sports life over" and will now concentrate on a career as a businessman.

Speaking exclusively to CNBC about his own post-athletic activities, Johnson said it is crucial Bolt finds something to keep him occupied.

"I would advise anyone, whether it's Usain Bolt or any other athlete about what to do after retiring — I think it's about finding a passion." Johnson told CNBC this week.

According to Forbes Magazine, Bolt was earning upwards of $20 million a year mostly from endorsements before his retirement from athletics in 2017 and his biggest deal with sports brand Puma pays him more than $10 million annually.

The charismatic sprinter has also recently moved into the restaurant business. His Jamaican-themed Track and Records establishment opened in the United Kingdom, with three sister venues in Jamaica.