Penney has made the news official just under a week out from the naming of the Tall Blacks touring party that will attempt a last ditch qualification for the Rio Olympic Games, saying that now feels the right time to end the speculation and allow the next generation to take centre stage.
"It has been difficult to make the call to retire from the Tall Blacks,'' he said.
''I wanted to keep the option alive as it has meant so much to me and been a big part of my life for so long. I wanted to be sure that this was the right time. I believe it is and I believe the talented generation coming though can take the Tall Blacks to greater heights in the years ahead.
"In retiring from the Tall Blacks I want to thank the players and coaches that came before me. They paved the way for the teams I was fortunate enough to play on, giving us the ability to compete at a level never seen before. It has taken decades and so much commitment from so many guys.
"I also want to wish the current Tall Blacks the very best in the great challenge they have this year to qualify for Rio."
One of only three New Zealanders to feature in the NBA, shooting guard Penney made his New Zealand debut in 1999 at the tender age of 18, his precocious and pure shooting talent ensuring that he would go on to be a regular pick throughout the 2000's as New Zealand enjoyed a golden run with a golden group of athletes.
During that time the Tall Blacks played at the 2000 Sydney Olympics, finished fourth at the 2002 FIBA World Champs and played at the 2004 Athens Olympics. The team would also feature at the 2006, 2010 and 2014 FIBA World Cup in Spain - in what will prove to be his swansong at the top level.
Penney has many great memories, shared with some great players and friends along the way.
"I remember listening as Coach Keith Mair read through the names of the team that would represent New Zealand at the 2000 Olympic Games. We were in a small room filled with New Zealand basketball royalty, it was my name he read last, and it felt like the greatest moment of my life.
"Since that moment, I have been fortunate enough to have had a long international career. Sharing experiences with guys that words can't express. Laughing and rejoicing with the incredible victories and feeling the pain and tears of the difficult losses.
"I want to thank my wife and family, for their countless sacrifices and constant support, and the friends who have traveled near and far to support the Tall Blacks around the world.
"I loved representing New Zealand on the world stage and it saddens me to think I will not be pulling on the #6 Tall Blacks jersey again... But I still have some basketball to play in my professional career with the Breakers, so as one of my favourite chapters closes, one lives on.''
Current Tall Blacks Head Coach and former teammate Paul Henare spoke in glowing terms of Penney.
"Kirk's career both internationally and professionally highlights his amazing achievements spanning three decades. He was a world class shooter at the highest level and is still one of the best today.
''I have never met a more meticulous athlete in terms of always doing what is right for his body and performance, something borne out in his ability to still shoot with the best in the game at 35 years of age. I think this is a huge part of why he has been so good for such a long time. The Tall Blacks will miss him but his legacy will live on forever."
Penney is returning to New Zealand in August to begin pre-season training with the Breakers, having signed a three year deal with the four time NBL Championship winning club.
In the process Penney will be returning to where it all began with Westlake Boys High and as a 17 year old when he was named NZ NBL Rookie of the Year with the North Harbour Kings.
Kirk Penney, New Zealand career highlights
Penney debuted for the New Zealand national basketball team in 1999 at the age of 18 and has now represented the Tall Blacks at two Olympic Games (in 2000 and 2004) and three FIBA World Championships (2002, 2006 and 2010) and the FIBA World Cup in 2014.
Penney was part of the Tall Blacks' memorable 2002 World Championships campaign as they surprised the world and finished fourth. Penney averaged 16.9 points per game and hit 45.5% of his three-point shots.
Penney captained New Zealand to victory in the 2009 FIBA Oceania Championship, beating Australia 177-162 on aggregate, after the two-match tie was drawn 1-1. Penney was influential in both games, with 23 points and 4 assists in Game 1, and a 24 points, 7 rebounds and 10 assists in Game 2, thus winning the Al Ramsay Shield.
In the 2010 World Championships in Turkey, Penney was the second leading scorer with 24.7 points per game. New Zealand also went through to the elimination rounds with a 3-2 record.
Penney participated for New Zealand at the 2014 FIBA Basketball World Cup in Spain and averaged 10.8 points and 4.5 rebounds in six games
