Serena Williams, 23-time Grand Slam singles winner, suffered a third round loss to Ajla Tomljanovic from Australia at the U.S. 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".

Serena, 40, has a total of 73 tournament wins across 27 years, including 23 singles titles, 14 doubles titles with her sister Venus, and two mixed doubles titles. She also has four Olympic gold medals representing the U.S. 

"It's been the most incredible ride and journey I've ever been on in my life," Williams thanked fans and family for support in an emotional post-match interview.

"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."

She topped the world singles rankings for 319 weeks, with 186 of which being consecutive, and finished as WTA Year-End world No.1 five times.

(With input from Xinhua)