Australian cricket icon Bill Lawry is set to hang up the microphone and call time on an almost four-decade long commentary career.

The former Test captain, who turned 81 in February, had been a fan favourite of the Channel Nine commentary team since the 1970s and had been approached by new Australian television rights holders, Channel Seven and Fox Sports.

pic.twitter.com/nTnOTJFKZw Bill Lawry, the legendary commentator, is set to call stumps on a sensational career. #9SportsSunday May 13, 2018

But News Corp reports Lawry has declined offers from the networks, with the Victorian set to end a memorable career as a broadcaster.

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A dogged opening batsman who struck 13 centuries in 67 Tests, Lawry was dubbed the ‘corpse with pads on’ during his playing days but commentary brought out his vibrant and unique view of the game.

He moved from the playing arena to the commentary box during the World Series Cricket revolution in the ‘70s and became known for trademark calls of "Got 'im, yes!" and "It’s all happening", his parochial support of Victorians and his love of pigeons.

Lawry had taken a reduced role with Nine in recent years, flagging last summer the recent Ashes series on home soil may be his last in the commentary box.

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"What a terrific legacy he's left," Mark Taylor said on Nine's Sport Sunday program.

"That's the first thing that I found extraordinary (about Lawry) when I joined the commentary team 19 years ago was that difference in Bill - he was a dour cricketer, very hard to get out as a player.

"But as a commentator, (he was) great fun."

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Speaking to cricket.com.au last year, Lawry explained the late Richie Benaud had been his greatest mentor as a commentator.

"I reckon half the people would think I'm alright and half the people probably think I'm very ordinary. I just hope they're enjoying the cricket as much as I am," Lawry said.

"When a wicket falls, people say 'Why do you yell out?'. Well, there might only be two wickets all day, and if people are fiddling around in the kitchen and a wicket falls, I want them watching, because that's a big moment of a day's play.

"People want a bit of a buzz, and a wicket is a buzz, particularly if Australia are bowling."

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Lawry's reported retirement comes as Fox and Seven assemble their new-look commentary teams for the seasons.

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Seven announced this week they'd pulled off a coup in signing former skipper and renowned cricket voice Ricky Ponting on a multi-year deal.

Fox confirmed on Sunday that they've added the likes of Mark Waugh, Mel Jones, Mike Hussey to their stable already featuring legendary ex-wicketkeeper Adam Gilchrist.