The 73-year-old golfing icon first played the Masters in 1955. His 50th appearance would be in 2004, giving him the most starts ever. Doug Ford is currently tied with Palmer for the most appearances ever, each having 49.
'This will be the last one,' Palmer told the Augusta Chronicle. . 'Without question. Fifty years is plenty.'
Palmer and Jack Nicklaus, both now members of Augusta National, lobbied Augusta National chairman Hootie Johnson this year to rescind an age limit of 65 - which Johnson did.
There is considerable discussion about whether Palmer should be an honorary starter after he no longer is involved in Masters competition.
'We won't talk about that until after this year is gone,' he told the Chronicle.