Australia's one-day squad but said he would continue to play in the Test version of the game.
Former Australian cricket captain Ricky Ponting announces his intention to continue playing Test cricket for Australia during a press conference at the Sydney Cricket Ground despite being told he had no future in the national one-day team. AFP/Torsten Blackwood
"I will continue playing Test cricket and I'll continue playing for Tasmania as well.
"I think I proved to everyone and myself that I am still capable of dominating Test cricket as I did in the last Test series against India," Ponting told a news conference at the Sydney Cricket Ground.
Although Ponting has not stated categorically that he was retiring from the one-dayers, he conceded that he had been informed by national selector John Inverarity that he did not fit into the selectors' plans in the 50-over format as they build towards the 2015 World Cup.
"John (Inverarity) made it very clear to me yesterday the direction that they're heading with the one-day team and that I'm not part of their plans," said Ponting.
"It's a little bit hard to come here today and say I'm retiring when I've already been left out of the side. I don't expect to play one-day international cricket for Australia any more and I'm pretty sure the selectors don't expect to pick me either. I have no bitterness at all about what's happened.
"I totally understand the reasons why and the national selectors are looking forward to building a team for the next World Cup of which I am not part of their plans going forward," he added.
His one-day sacking came in less than a month after a superb performance in Australia's 4-0 clean sweep of the home Test series against India, where he scored 544 runs at an average of 108.80 with two centuries and three fifties.
But the selection committee lost patience with the the out-of-form right-hander, who has scored just 18 runs from five innings at an average of 3.6 in the ongoing tri-series against India and Sri Lanka.
Nonetheless, Ponting has had a stellar international career. In 275 ODIs, he has accumulated 13,704 runs at an average of 42.03, second only to Sachin Tendulkar.
"The passion for me in international cricket has not died or changed and I've made it clear right through this Australian summer that I still don't see a finish line as far as my international career is concerned.
"Now that one-day cricket probably isn't there any more and we all know that (retirement) day is coming closer and closer for me, but I am not the sort of person who will want a massive farewell series," said Ponting.
"I'll make a decision when I think that I can't contribute to winning games of cricket for Australia and that's all that has been motivating me for the last 12 months: to be the player I know I can be."
Ponting said that he will finish his playing career on his own terms and not be discarded by selectors.
"I am backing myself to finish the game and finish on a high. I don't want to finish on a low and I'll make the right decision at the right time. There's no doubt about that.
Ponting said he now wanted to focus completely on Tests and prepare himself for every Test match.
"The thing that I thought about most yesterday was how I was going to manage my time and to be well prepared for every Test match that I play for the remainder of my career.
"With no one-day international cricket obviously that makes it difficult for me. But there are those around Australia who only play Test cricket and I've seen it before with Steve Waugh, Mark Taylor and David Boon when they had retired from one-day cricket and still did well in Tests," said Ponting.