NEW YORK -- 23-time Grand Slam singles winner Serena Williams bowed out after the third round loss at the US Open on Friday as she was honored by the Women's Tennis Association (WTA) as one of "the greatest champions in the history of sports".

"The WTA today celebrates the extraordinary Serena Williams, who retires from professional tennis having secured her place among the greatest champions in the history of sports".

Williams thanked fans and family for support in an emotional post-match interview after she lost to Ajla Tomljanovic on Friday.

"It's been the most incredible ride and journey I've ever been on in my life," she said.

"Thank you daddy, I know you're watching. Thanks mum. I want to thank everyone who's here, who has been on my side for so many years, literally decades. I wouldn't be Serena if there wasn't Venus, so thank you Venus. She's the only reason Serena Williams ever existed."

Turning 41 later this month, the record Grand Slam title holder in Open Era has 73 tournament wins, including 23 singles, 14 doubles and two mixed doubles Grand Slam titles as well as four Olympic gold medals representing the United States.

During her 27-year career after professional debut in Quebec City in 1995, she topped the world singles rankings for 319 weeks, including 186 consecutive weeks. She finished as WTA Year-End world No.1 for five times and became the oldest world No.1 at the age of 35 years and 230 days in May 2017.

"Congratulations to Serena on her historic career in tennis," said Steve Simon, WTA Chairman and CEO. "She will be greatly missed by the WTA family, but her legacy will inspire generations to come for what she has stood for and accomplished both on and off the court. We wish her every success and happiness as she embarks upon the next chapter of her life."