The actor, who has starred as 007 for four films, has reportedly turned down a £68million offer from MGM studio for two more films.
Craig, who last year told interviewers he would rather ‘slash my wrists’ than agree to another Bond film, said it ‘just wasn’t what he wanted’, according to reports.
It comes as London-born actor Tom Hiddleston is rumoured to take on the role of the British Secret Service agent.
Bookmakers have suspended bets on who will be named the next Bond after a huge bet was placed on Hiddleston stepping into Craig’s shoes.
Craig is the highest-paid actor to play Bond, netting a reported total of £38million for the films he has starred in – Spectre, Skyfall, Quantum of Solace and Casino Royale.
The 48-year-old, who is married to Oscar-winning English actress Rachel Weisz , has played Bond since 2005.
Since then he’s helped bank more than £2billion in box office revenues.
A LA film source told the Daily Mail that a knee injury, which he sustained filming a Spectre fight scene last year, and general exhaustion had led to Craig’s decision to end his Bond journey.
Craig was born in a house which still stands in Liverpool Road, Chester.
Legend has it that it was while dad Tim was working as landlord of the Ring O’ Bells pub in Frodsham in the 1970s that the youngster revealed his chosen vocation while weaving in and out of drinkers’ legs.
No one in the family – apart from Tim’s cousin Simon Jones of Hitchhiker’s Guide to the Galaxy and Brideshead Revisited fame – was from an acting background, but Daniel knew it was his destiny.