Selig was owner of the Milwaukee Brewers when he was named acting commissioner in September 1992, replacing Fay Vincent.
He took the job on a permanent basis when he received five-year contracts from owners in July 1998 and November 2001.
Selig commented: "For a guy who took it in September 9, 1992 and I told my wife it was two-to-four months. Fourteen years later, I think that will be enough. There's no question, because there are other things I really would like to do."
Under the 67-year-old Selig, Major League Baseball began interleague play, instituted a three-division format in its two leagues and added a round of playoffs.
Selig has also taken the blame for many of the sport's problems, including a 232-day players strike that cut short the 1994 season and canceled that year's World Series, domination of the sport by wealthy teams, struggles with the umpires' union and declaring a tie at last year's All-Star Game in his hometown of Milwaukee.
Selig and owners did avoid the sport's ninth work stoppage in 31 years last August by agreeing to a new four-year labor agreement with the players union.
Bud Selig has stated that he will step down as Major League Baseball's commissioner after his current term ends in 2006.
