Eddery will retire in November Photos from Eddery's career

The 51-year-old rider called a news conference at Windsor Racecourse to reveal his decision.

Eddery, who is to take up a new role as managing director of a racehorse syndication company, said he knew that the time was right to quit the saddle.

"I'm 51 now and it's difficult to keep on the best horses," said Eddery.

"The time has come to say that's it. I cannot go on forever."

Eddery, who rode the first of over 4,500 winners in April 1969, has won many big races around the world, including three Epsom Derbys and four Prix de L'Arc de Triomphe.

Profile: Pat Eddery

His third victory in Paris came in partnership with one of the best horses of modern times, Dancing Brave in 1986.

Eddery was also universally praised for the ride he gave 20-1 outsider The Great Gatsby to finish second in this year's Derby.

The Irishman, who currently rides freelance, won the last of his 11 titles in 1996 with a tally of 186 winners.

In 2002, he surpassed Lester Piggott's tally of 4,493 career wins to become the second-most successful jockey in British history.

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He ended last season with 99 winners - the first time since 1973 that he had not ridden more than 100 (except in 1982 when he was champion jockey in Ireland).

Only Sir Gordon Richards - with 4,870 winners - has more.

Eddery admitted he had thought about carrying on until he had broken the record, but had decided against it.

"I'd like to think I could do it, but it would take an awful lot of time," he said.

"I would have to go on for four, maybe five years, to get to Sir Gordon's record and I thought that maybe was too much."

As well as his impressive list of winners, Eddery was also known for his style in the saddle, as he bounced less than gracefully up to the winning post.