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Taylor, a 16-time world champion, walked away from the sport after the World Championship final in 2018, but returned to competitive action last year.

Following the end of his trophy-laden career, Taylor will remain involved in the sport as a global ambassador to the World Senior Darts Tour.

Before moving to the senior circuit, Taylor won 214 professional tournaments which included 85 major darts titles.

He said: "I'll always love performing to the best of my ability, but time waits for no man and I know now is the right time to step away from the Tour.

"It's been an unbelievable journey over the past 35 years and I've loved every minute of it.

"I'd like to thank Target and the World Seniors Darts Tour for their support in recent years and I'm looking forward to playing in front of darts fans across the country next year.

"I'm going to be working just as hard as I always have to make sure I give the fans what they want and go out on top."

The World Senior Darts Tour consists of 11 events, including the World Senior Darts Championship at the Circus Tavern in February.

Taylor has made the quarter-finals during the last two years, but will aim to go out on a high in 2024.

Billy Lovell of World Senior Darts Tour added: "Phil is one of the greatest sports people the UK has ever produced and we would like to place on record how grateful we are that he decided to come out of retirement at the beginning of our project.

"We have absolutely loved having him around and we're sure his final year on tour with us will be great fun."