Serena Williams Says Retiring from Tennis Gives Her the Chance to Go from 'Good' Mom to 'Great'

Alexis Ohanian Sr./Instagram

Serena Williams knows what she wants when it comes to her future.

The 23-time Grand Slam champion, 40, appears on the cover of TIME's latest issue, where she discusses how the shifting priorities in her life have led to her decision to retire from the sport after over 27 years.

Admitting that daughter Olympia, who turns 5 this week, reacted to her decision to walk away from the sport with a "fist-pumping 'Yes!' " Williams says that the response "kind of makes me sad."

"It's hard to completely commit when your flesh and blood is saying, 'Aw,' " she shares.

Noting that her desire to grow her family is leading to "this evolution" and how that is not the case for male athletes, she says that there is "no anger."

"I'm ready for the transition," Williams says, adding that when it comes to being a mom, "I think I'm good at it, but I want to explore if I can be great at it."

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Williams has been open about Olympia's eagerness for a sibling. "I can't imagine my life without my sisters," Williams says of her own upbringing.

"When I look at Olympia, I'm really not performing at my peak by not trying harder to give her that sibling," she continues. "Coming from a big family, and coming from five, there's nothing better."

The Serena Ventures founder also shares a moment earlier this month where she overheard Olympia wish for a baby sister as she blew on a dandelion. "This is what I have to deal with, on a daily," she says.

RELATED: Serena Williams Says Daughter Olympia, 4 ½, Likes Everything She Does 'Except for Tennis'

Serena Williams/Instagram

Speaking on "A Conversation with Champions" panel ahead of the U.S. Open at the Lotte New York Palace hotel in New York City, the tennis legend said that she and her 4 ½-year-old daughter share all the same interests – except the court.

"She's my little buddy," Williams said at the forum hosted by Sheinelle Jones and Dylan Dreyer of the Today show. "We do everything together. We go on dates and it's so cool because she likes everything I do except for tennis."

"She's really fun. I see a lot of my personality in her and it's just a great time to have her around now to see what I do on a daily," Williams continued of her little one, whom she shares with husband Alexis Ohanian.