The 27-year-old, winner of a gold medal in both the individual normal hill and team large hill events at the 2015 International Ski Federation Nordic World Ski Championships in Falun in Sweden, has cited a lack of determination to continue as a key reason to stop competing.

"In order to be among the best, you have to be fully motivated every day and give your all," he said.

"Recently I realised that I don't have this motivation anymore. 

"That's why it's better to look for new challenges now. 

"I think I made the most out of my career and I'm grateful for all the moments I could experience at the hills."

For Velta, winning the gold medal on the normal hill at the last World Ski Championships was the highlight of his career. 

"It was a very close competition and it took very long until the results were official," he said.

"I waited to see whether I took gold or not and when it was announced my knees got weak."

Norway's sporting director Clas Brede Brathen said the decision of Velta to retire was disappointing.

"His performances at the World Ski Championships in Falun will forever be one of the highlights in the history of Norwegian ski jumping," he said.

"Rune is a good example for what can be achieved with our national ski jumping system and our training philosophy."