Coach Stan van Gundy says Monday's announcement was a hard one. He says the 37-year-old guard "will always be a valued member of the Detroit Pistons' family."
Owner Tom Gores says Billups has shown "leadership, dedication and excellence both on and off the court" and says he's confident Billups will have "a long and bright future" in the league after his playing days are over.
Boston drafted Billups out of Colorado in 1997. He played for Detroit from 2002-2008 and again in 2013.
Billups also has played for Denver, Orlando, Toronto, Minnesota, New York and the Los Angeles Clippers.