He has played 72 times for Ireland and won two Heineken cups for Munster but has missed most of this season, including the World Cup, due to a knee injury.

He becomes the fourth Munster player this season to announce his retirement from rugby.

He won the last of his 203 Munster caps in the Heineken Cup quarter final against Ulster last month.

The first of those caps was in the Interprovincial Championship game against Connacht in August 1997 at the Sportsground in Galway before establishing himself as a regular in the first team.

The powerful wing-forward went on to claim two Heineken Cup winners medals with Munster and a Grand Slam with Ireland in 2009 as well as playing a part in two British and Irish Lions tours.

While he conceded that the circumstances around his decision were unfortunate, Wallace was eager to express his gratitude for the fantastic career he enjoyed at Munster.

Wallace said: "Although it's disappointing that injury is forcing me to retire now, I take great comfort that I've had an unbelieveably enjoyable career and I feel very lucky to have been involved in an era that has seen Munster and Ireland enjoy so much success.

"Professional rugby has exploded in popularity and changed beyond all recognition in this country since I began and I feel honored to have played witness to it's massive improvement.

"I'd like to thank anyone who has helped me and had faith in me during my 15 year professional career including family, teammates, coaches, medics, friends and not least supporters."

He said that he is looking forward to exploring some business opportunities and being able to spend more time with his wife Aileen and sons Andrew and Harvey.