Toronto Police Deputy Chief Peter Sloly is retiring after 27 years on the force.

Sloly, 49, signed a retirement deal Wednesday morning, a statement from the Toronto Police Services Board said.

“I’m very proud of the work I’ve done on behalf of the service…I wouldn’t have traded a single day,” he told reporters on Wednesday, adding that the Toronto police was where he was “meant to work.”

Sources told CP24 the deputy chief went to the board in November, telling them he was ready to retire.

The deputy chief was a contender to replace former chief Bill Blair, but the board chose to appoint Mark Saunders to the position.

Sloly, whose contract would have expired in December 2017, said there are other opportunities for him outside the Toronto police, but that his leaving is not a “knee-jerk reaction” to not being chosen chief.

“There’s a huge amount of opportunities right now,” he said. “It’s hard to keep saying no to some of this stuff, believe me.”

He said he stayed for nearly a full year after the Saunders became chief to give the police department his support as it underwent the transition in leadership.

"Peter Sloly leaves the Service as a highly respected leader, who has been recognized for his excellence within the broader international policing community and celebrated by the public for his dedication to community policing," TPSB Chair Andy Pringle said in a statement.

"The Board would like to convey its thanks to Deputy Chief Sloly for his outstanding leadership and dedication over the course of his distinguished career."

In a statement, Saunders said Sloly had an impressive career dedicated to diversity in policing and community outreach.

“(Sloly) leaves a legacy of progressive and forward-thinking projects, including the TPS’s role in social media and the Police and Community Engagement Review,” Saunders said.

Sloly made headlines last month after making controversial comments criticizing the force and its billion-dollar budget. At the same time, Sloly also weighed in on the controversial "carding" policy, saying he believed that many members of the community no longer trust the police.

But Sloly made no apologies about the remarks and said the controversy had nothing to do with his decision to leave the force.

“They were the same statements I have been making for the last six and a half years,” he said. “They’re only controversial because I’m assuming people wanted to editorialize those statements and then it came on the same time that the budget was being presented at city hall.”

“I’m leaving on my own terms. There’s a big wide world out there,” he told reporters on Wednesday afternoon.

Mayor John Tory also reacted to Sloly’s resignation, telling CP24 he wishes the former deputy police chief the best.

“I wish him well he’s made a contribution to policing over his career and I wish him well in his endeavors,” the mayor said.

Sloly said he has no plans for the immediate future and will the take the opportunity to spend time with his family.