The Indianapolis Star reports Bird says he is "100 percent sure) he would not stay on as president after meeting with owner Herb Simon.
Donnie Walsh, Bird's former boss, is coming back to the Pacers but it's unclear in what capacity.
Bird, the current NBA Executive of the Year, helped raise the Pacers' performance which ended with a playoff series loss to NBA Champion Miami Heat.
The greatest Sycamore ever at Indiana State is dealing with back and shoulder issues and will likely take a year off before considering a return to the team.
Bird, who is 55, is the only person in history to be named League MVP, NBA Coach of the Year and NBA Executive of the Year.