•  Cody Miller, Michael Phelps and Ryan Murphy of the United States celebrate winning gold in the Men's 4 x 100m Medley Relay Final on Day 8 of the Rio 2016 Olympic Games.

Cody Miller, Michael Phelps and Ryan Murphy of the United States celebrate winning gold in the Men's 4 x 100m Medley Relay Final on Day 8 of the Rio 2016 Olympic Games. (Photo : Getty Images/Tom Pennington)

Michael Phelps, 31, has confirmed his retirement. This contradictory to what 12-time Olympic medalist Ryan Lochte, 32, previously claimed that the most decorated Olympian of all time will swim again at the 2020 Summer Olympics in Tokyo, Japan.

"I guarantee he will be there," Lochte told Today on Aug. 12, Friday. He was referring to Phelps and the games planned to be held in Tokyo from July 24, 2020 to Aug. 9, 2020.

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However, Phelps already confirmed that his 100-meter butterfly final at the Rio 2016 Olympics was the last individual race of his competitive career. On Aug. 20, Saturday, the flag bearer of the United States at the 2016 Summer Olympics Parade of Nations will have his last race as he represents his country in the 4x100-meter medley relay.

"I will just clarify that Ryan doesn't know what he is talking about," USA Today quoted Phelps as saying after tying for second with Chad le Clos, 24, of South Africa and Laszlo Cseh, 30, of Hungary behind gold medalist Joseph Schooling, 21, of Singapore. "I am not coming back in four years."

Phelps added that he has two laps left in his career so he is happy and excited as he is looking forward to tomorrow. He said he will be in Tokyo for the Olympics, but not only as a spectator.

While Phelps failed to win his 24th Olympic gold medal, he has nothing but praises for Schooling. The former said it will be fun to see how swimming as a competitive sport transitions over the next four years considering that there are many young children who show how much talent they have.

Out of Phelps' 28 Olympic medals, 23 are gold. The second most decorated Olympian of all time behind him is former gymnast Larisa Semyonovna Latynina, 81, of the Soviet Union with 18 medals, nine of which are gold.

Watch Phelps' mother talk about his fiancée Nicole Johnson here: