Gary Washburn of Boston.com reports that Rasheed Wallace’s agent, Bill Strickland, said his client will retire soon. Shaquille O’Neal, the newest Celtic, said earlier this week that he wants Wallace to stay in the NBA. But Washburn’s report rules out that result.

That Strickland told the media Wallace will retire is big news. Earlier this summer, he declined to confirm or deny his client’s rumored retirement plans. His confirmation here should carry some weight.

What’s next for Wallace and the Celtics? Washburn explains:

Wallace has two years and $13 million left on his contract and the Celtics could reach a settlement with the power forward or trade his contract to a club who could receive the salary cap relief after the 2012 season. Team president Danny Ainge has been trying to trade Wallace’s contract this offseason but the uncertainty of the collective bargaining agreement after 2011 has clouded the impact of adding such a contract.

Wallace initially signed a three-year deal with the Celtics last summer. He averaged career-worsts in minutes (22.5), points (9.0), and field goal shooting (40.9 percent) in his lone season in green.