Rasmus has had physical problems recently, and the Times reported Rasmus has decided to "step away" from baseball.
Rasmus, 30, had surgery to repair his left hip labrum and his core muscle last offseason. However, the hip still bothered him in spring training and he began the season on the disabled list.
He played his first game of the season on May 2, but went back on the disabled list on June 23.
Rasmus is hitting .281 with nine homers while playing in 37 games this season. Last season he hit .206 with 15 homers.
The Rays issued a statement, which read, "The Rays fully support Colby's decision to step away from baseball. We are thankful for his contributions to our team and we wish him and his family the best as they move forward. Respecting the privacy of Colby and his family, the Rays will have no further comment."