Davenport, the winner of three major titles, had recently entered the 2009 Australian Open.
"Of course, this unexpected but exciting surprise now means I will be putting tennis on hold for the foreseeable future," Davenport said.
Davenport needs a victory in the French Open to complete a career grand slam. She has been ranked No. 1 in her career in both singles and doubles, one of just five players to have achieved that feat.
She has won four times since returning to the circuit following the birth of her first child.