Michael Phelps announces he will try to compete at 2016 Olympics

Olympic gold medalist Michael Phelps said Wednesday that he will try to compete at the 2016 Olympics in Rio

Olympic gold medalist Michael Phelps said Wednesday that he will try to compete at the 2016 Summer Olympics in Rio de Janeiro, according to ESPN's Wayne Drehs.

It is the first time Phelps has publicly committed to trying for the 2016 Games. One year ago, he announced he was coming out of retirement and would possibly target the Olympics in Rio. 

Phelps is returning to competition this week for the first time since being suspended for six months from all sanctioned events. USA Swimming suspended him in October after he was arrested for DUI, and his suspension ended on April 6. He is competing in the Arena Pro Swim Series, which is being held April 15-18 at Skyline Aquatic Center in Mesa, Ariz.

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As part of his suspension, USA Swimming and Phelps decided he would not participate in the 2015 World Championships in Kazan, Russia. It was reported that he could possibly be reinstated for the event, but on Wednesday Phelps said he respects the decision of USA Swimming and will not compete in Kazan.  

Last November, fellow USA swimmer Ryan Lochte said he had "no doubt" Phelps will be ready for the 2016 Olympics. Phelps won eight gold medals at the 2008 Olympics, including a one-hundredth of a second victory in the 100-meter butterfly that SI captured with an underwater camera.

GALLERY: FRAME BY FRAME OF MICHAEL PHELPS'S VICTORY

Phelps Frame-By-Frame

Phelps' Miracle Finish

Heinz Kluetmeier/SI

Michael Phelps was in big trouble in the 100-meter butterfly. He was seventh in the eight-man field after 50 meters.

Phelps' Miracle Finish

Heinz Kluetmeier/SI

Phelps made a critical decision in the final meters to attempt another half-stroke while Serbia's Milorad Cavic (right) tried to glide to the finish.

Phelps' Miracle Finish

Heinz Kluetmeier/SI

With less than a meter to go, Phelps still trailed Cavic and his only hope was to somehow out-touch the Serbian.

Phelps' Miracle Finish

Heinz Kluetmeier/SI

Cavic was inches from stopping Phelps' quest for eight gold medals as the American reached over the water for his final half-stroke.

Phelps' Miracle Finish

Heinz Kluetmeier/SI

Phelps brought his hands down through the water and touched the wall .01 seconds before Cavic finished his glide to the wall, swiping the gold medal and tying Mark Spitz' record of seven golds at one Olympics.

Heinz Kluetmeier/SI

As seen in this blowup from the previous frame, Cavic hadn't touched the wall yet.

Phelps' Miracle Finish

Heinz Kluetmeier/SI

The Serbian delegation filed a protest, but conceded that Phelps won after reviewing the tape provided by FINA, swimming's governing body.

Phelps Miracle Finish

Heinz Kluetmeier/SI

Phelps won the same event in similar fashion at the 2004 Olympics, out-touching American Ian Crocker after trailing and winning the gold by .04 seconds.

- Molly Geary