The 25-year-old took a break from the sport after the London Olympics and has been deciding whether to return to the pool.
Rice has since moved to Sydney and spent her time working in breakfast television with the Today Show.
The former Celebrity Apprentice star has been plagued by a serious shoulder injury.
She said it was now time to prove herself out of the water.
“I definitely feel like I am losing a part of myself,” Rice said in a video released on her website. “To everyone who has support me along an incredible journey, thank you so very much”.
Rice won three races at the 2008 Beijing Olympic Games, claiming gold in the 200m and 400m individual medley; and the 4x200m freestyle relay.
Stephanie Rice poses with one of her gold medals at the Beijing Olympics.
Stephanie Rice poses with one of her gold medals at the Beijing Olympics.
Stephanie Rice poses with one of her gold medals at the Beijing Olympics.
