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Williams was riding a new motorcycle in June of 2003 when the bike got away from him and slammed into a utility pole.
He severed a main nerve in his leg, fractured his pelvis and tore three of the four main ligaments in his left knee. He spent two weeks at a Chicago hospital before being transferred to Duke University Medical Center, where he rehabbed.
"After working out with several NBA teams and discussing the options with my family and my business team at BDA Sports, I have decided to postpone the invitations I received to NBA Training Camp to continue working on the rehabilitation process for a few more months," Williams said in a press release. "While I was hoping to be ready for training camp, I never wanted to put a timeline on my return.
"When I know I can compete at the highest level, the way I want to, I know there are several teams willing to give me a chance."
Williams did not reveal which teams made offers.
The setback is in contrast to his rising hopes as recently as July.
"I'll be somewhere by October," he said then. "It's been a long journey, it's been a long road. I'm glad I can finally see a light at the end of it."
Williams, 25, led Duke to the national championship in 2001. He was drafted in the first round a year later by the Chicago Bulls with great expectations. He had his ups and downs as a rookie, before finally losing his starting spot. He averaged 9.5 points and 4.7 assists in 75 games as a rookie.
Williams said he intends to continue his work as an analyst for ESPN.
Information from The Associated Press was used in this report.