Australia captain Michael Clarke will call it quits after the fifth Ashes Test at the Oval.

The 34-year-old confirmed the news after England wrapped up the series with an innings-and-78-run win at Trent Bridge.

“I want to play the last Test at The Oval and give it one more crack. The time is right,” Cricket Australia quoted Clarke as saying.

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“You never want to walk away. My performances over the past 12 months have not been acceptable to me.

Michael and Kyly Clarke walk onto the field of play after Australia’s defeat. Photo: Getty

“Test cricket is about the Ashes. We tried our best, I certainly tried my best but we got outplayed.

“It’s time for the next generation.

“I made a decision last night after I got home after the day’s play.

“The boys were surprised, I don’t think they expected me to walk away right now. I owe the game everything.

“I’ll take so many memories away. I’m looking forward to sitting and cheering the boys on. It’s the right time.

“Hopefully I’ll get a microphone and sit beside you in the commentary box if Channel Nine will have me.”

Earlier this week, Clarke dug in his heels and vowed he had no intention of retiring after the five-Test series.

But he has been under increasing pressure throughout the series.

The 34-year-old has reached 25 just six times in his past 30 Test innings.

In this Ashes series he has averaged just 16.71.

Australia resumed at 7-241 on Saturday, with news breaking of  Clarke’s impending retirement and England holding a 90-run lead.

It was only a matter of time at Trent Bridge before the hosts took an unassailable 3-1 lead and reclaimed the urn.

The tail delayed the inevitable for 39 minutes before Nathan Lyon played on, the uprooted off stump triggering wild celebrations.

Ben Stokes and Alastair Cook soak up the win. Photo: Getty

England skipper Alastair Cook described it as an “unbelievable moment”.

“I couldn’t be happier,” he said.

“From what we’ve been through as a side over the last 18 months, to play like we’ve played … it’s incredible.

“I’m just so proud of this team.”

Adam Voges finished 51 not out, one of few positives in what has been a miserable match for the tourists.

Realistically, there was only one result possible in the game after Australia were skittled for 60 in 18.3 overs on day one, Stuart Broad recording unprecedented figures of 8-15.

The tourists showed a bit more ticker after their ignominious day-one debacle, the fastest first innings in Test history.

However, Australia still needed a handful of reprieves to avoid their first two-day Test loss since 1890.

David Warner was dropped twice on Friday, while Chris Rogers and Peter Nevill were recalled after video replays revealed no-balls.

Bad light also helped push the game to a third day.

The shambolic defeat, which follows a similarly one-sided game at Edgbaston last week, will have major ramifications.

Already, Clarke fallen on his sword.

He is but one of many batsmen to be exposed in a handful of woeful collapses that shaped the series.

Much had been made of the topsy-turvy nature of the much-hyped contest.

The reality is Australia’s 405-run win in the second Test at Lord’s, in which Steve Smith scored his maiden double-century, was the anomaly.

Brutal bursts of seam and swing bowling from Broad, Jimmy Anderson and Steve Finn exposed the batting order in Cardiff, Birmingham and Nottingham.

Michael Clarke’s Test cricket career

Michael John Clarke

Debut: 2004 v India at Bangalore

Tests: 114

Runs: 8605

100s: 28

50s: 27

Highest score: 329 not out v India Jan 2012, Sydney

Average: 49.23

Wickets: 31

Allan Border Medal winner: 2005, 2009, 2012, 2013

ICC Cricketer of the year: 2013

ICC Test player of the year: 2013

As captain: Appointed 2011

Tests: 46

Wins: 23*

Losses: 15*

Drawn: 7*

*Fourth Ashes Test still in progress