State media CCTV-5, quoting unnamed insiders, said the 32-year-old tennis ace will announce her decision to quit the game on Friday.
"According to insiders, Li Na will officially announce her retirement on September 19," CCTV-5 said on its verified microblog.
"She is reportedly retiring because she is unable to continue competing due to her physical condition," it said.
CCTV-5’s report comes after web portal SINA Sports, also quoting unnamed sources, said IMG will hold a media briefing on Friday to make the announcement.
Li's retirement will bring down the curtain on Asia’s most successful tennis career.
The world No 6 won the Australian Open in January but was plagued by injuries soon after and sidelined with a troublesome knee since late July.
Earlier in July, she also split with her coach, Carlos Rodriguez.
Li emerged one of the region’s biggest stars when she won the 2011 French Open, becoming the first Asian to win a Grand Slam singles title.
Image: Li Na
Photograph: Mark Kolbe/Getty Images