Suspended New York Yankees third baseman Alex Rodriguez has dropped his lawsuits against the Major League Baseball, commissioner Bud Selig and the Major League Baseball Players Association, essentially ending his legal battle to nullify his 162 game suspension.

In a report by ESPNNewYork.com, Rodriguez's lawyer Joseph Tacopina admitted that a notice of voluntary dismissal was filed on Friday afternoon. The suspended baseball star's camp however gave no further details and explanation.

In an email to The Associated Press and cited by the ESPN report, Tacopina stressed: "The statements that were issued say everything that needs to be said. We have no further comments on this matter."

According to ESPN, sources close to the baseball star had revealed that Rodriguez had been pondering dropping the lawsuits for reasons like the prohibitive legal fees that could go up to $10 million. Due to his suspension, Rodriguez is already losing about $25 million in wages.

The sources also say that the move is part of Rodriguez's attempt to reconcile with the sport, hoping that he could pursue a career in the industry once he retires from baseball. It is said that he wants to return to the baseball field in 2015 with his contract set to expire three years from now. Rodriguez is also reportedly eyeing a career in broadcasting.

The 38-year old Rodriguez had appeared to be resigned to his fate when he said in an interview last month as quoted by ESPN: "I think that in the year 2014, the league could have done me a favor because I've played 20 years without a timeout. I think 2014 will be a year to rest mentally and physically prepare myself for the future and begin a new chapter of my life. I have three years left on my contract starting in 2015 and I hope to play very well and finish my career in New York."