New York, NY

U.S. storied swimmer Michael Phelps announced on "60 Minutes" that he will hang up his swimming trunks and plans to retire following the 2012 Summer Olympics.

The record setting and record breaking star also said that it has taken him a great deal of time and training to get back into shape for the Summer Games, but he added he is reaching for more gold.

Phelps has already earned a stash of eight Olympic medals over his impressive and unprecedented career. If he manages to earn three medals at the Summer Games, he will retire as the athlete with the most Olympic career medals.

Many had questioned if Phelps would return for the upcoming Olympics, including Phelps himself, and his coach Bob Bowman.

The highly celebrated and fan favorite Phelps suffered a reputation and career setback after a series of tabloid and news photos captured the Olympic hero partying, and after Phelps left his training slip and finished out of the showing at some important events.

However, Bowman believes that Phelps is in great shape to once again impress at the Summer Games, and Phelps is also confident of his prowess.

The Olympic Golden Boy is also excited about life after the Olympics.

There are pools in his sight post Olympics-- hotel pools.

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