Hall of Fame coach Muffet McGraw is stepping down as women's basketball coach at Notre Dame after 33 years and will retire, it was announced Wednesday.

She will be replaced by former assistant coach Niele Ivey, who also played for Notre Dame.

McGraw will announce her retirement in a virtual news conference at 4:30 p.m. ET Wednesday.

"It has been my great honor to represent the University of Notre Dame these past 33 years, but the time has come for me to step down as your head basketball coach," McGraw said in a statement. "I want to thank Monk Malloy and Father Jenkins for giving me the opportunity to coach the game I love at a university I love. I have learned much about leadership from the many athletic directors with whom I have served, and in particular, I want to thank Jack Swarbrick for his unwavering support.

"I am grateful to have worked with the best assistant coaches in the business, and I have been blessed to coach so many phenomenal women. To the best fans in the country, it was my honor and privilege to play for you."

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— Muffet McGraw (@MuffetMcGraw) April 22, 2020

McGraw has an overall record of 848-252 at Notre Dame and led the school to national championships in 2001 and 2018.

She was inducted into the Naismith Memorial Basketball Hall of Fame in 2017 -- the 13th female coach to achieve that honor. Her 936 career wins rank sixth all-time among Division I coaches.

McGraw is one of just five NCAA Division I men's or women's basketball coaches with at least 930 wins, nine Final Fours and multiple titles -- others include Pat Summitt, Tara VanDerveer, Geno Auriemma and Duke men's coach Mike Krzyzewski.

While McGraw is stepping away from the court, Notre Dame said she would remain active within the university and local communities.

"I am proud of what we have accomplished and I can turn the page to the next chapter in my life with no regrets, knowing that I gave it my best every day," McGraw said.

Ivey has made nine Final Four appearances with Notre Dame -- two as a player and seven as an assistant coach. She served as an assistant coach for the NBA's Memphis Grizzlies this past season.

"I am so honored to be able to follow in the legacy that Coach McGraw built here at Notre Dame," Ivey said in a statement. "My love and appreciation for Coach McGraw is beyond anything I can express. She's more than a mentor, more than a friend, she's one of the most influential people in my life.

"I am full of gratitude for Coach McGraw and what she has done for me. She was the first to give me an opportunity to play for Notre Dame and coach here as well. I will forever be grateful for her love and support. I would also like to thank Jack Swarbrick and Father Jenkins for having the faith to move this program forward with me. I can never thank you enough for this incredible opportunity."