Border (right) with world record wicket-taker Shane Warne

"Although I'm still enjoying the involvement, the role is a big time commitment that takes you away from home on a regular basis.

"At this stage of my life, I'm looking to do other things with my time," the 50-year-old explained.

Border scored a world record 11,174 runs in 156 Tests, 93 as captain, during his Test career.

He was appointed to the selection panel in February 1998 and has helped shape the team which has dominated world cricket in both the Test and one-day formats.

"I've thoroughly enjoyed the opportunity of being involved with Australian teams over the past few years, witnessing the success that both the Test and one-day teams have achieved.

"It's certainly been a rewarding role, particularly when it comes to seeing a tough selection pay off, and to see a player come into the side and make the most of an opportunity presented to him," he said.

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His final contribution was to help pick the squad for this summer's Ashes series in England.

Cricket Australia will now seek nominations from the six state associations before deciding who should replace Border on the selection panel, which also includes Trevor Hohns, David Boon and Andrew Hilditch.

Chief selector Hohns and CA chief executive James Sutherland paid tribute to Border, describing his contribution as "outstanding" and "remarkable".

"His wealth of experience and sound judgment has been vital over time when it's come to making tough calls at the selection table," said Hohns.

"His work as a selector has helped ensure some of the legacies he left as a player, have been carried on by the next generation of players.

"Like his time as a player, his number one aim has been to see Australian teams achieve success and as part of the National Selection Panel, he has certainly achieved that aim," Sutherland added.