Holland would not comment on the status of the future Hall-of-Fame defenseman, but told reporters this afternoon that "I'll let him make his announcement. He's earned that right."
Since the news broke, former Red Wings defenseman and current TSN Analyst Aaron Ward also reported that Lidstrom will retire after 20 seasons in the NHL.
In 1,564 career regular-season games, all with the Red Wings, Lidstrom has accumulated 264 goals and 878 assists for 1,142 points.
The four-time Stanley Cup champion is a seven-time winner of the James Norris Memorial Trophy (Defenseman of the Year) and captured the Conn Smythe Trophy in 2001-02 as Playoffs' MVP.
Lidstrom was originally drafted by the Red Wings in the third-round (53rd overall) of the 1989 NHL Entry Draft.