Kyle Chalmers makes SHOCK announcement about his swimming future after taking silver at the Olympic Games

Kyle Chalmers has reversed his decision to retire after winning silver in a thrilling 100m freestyle final after a miserable defeat.

The Australian veteran suffered a very slow first 50m in the blue ribbon event on Thursday morning.

Chalmers, who started as the second-fastest qualifier in the field on lane five, was the slowest to hit the wall at the turn, while his rivals got off to a blazing start.

But he regained ground and broke through in the last 15 meters, clocking a time of 47.48 seconds.

But in a stunning turn of events, China’s Pan Zhanle outpaced Chalmers by a second to take gold, while the Rio Olympic champion had to settle for silver.

An emotional Chalmers told Nine poolside that he had so much more to offer the sport.

This is not my last individual [race]’, he said. ‘I’m not retiring anytime soon.

“I think it’s great. I think I’ll keep going as long as I can. But this race means a lot to me. It’s really special.

The Australian moved back into second place after a slow start in the 100m freestyle final, entering the turn last

‘I’m probably just speechless. I think it’s really because I’ve got three guys who have a faster PB with me and I can stay controlled and calm and no, the pressure and expectations are so big for me, but I’m really, really happy with it.

“Yeah, I don’t know what else to say. It’s amazing. I feel very, very honored.”

Chalmers added that he still wants to stay involved in swimming even if he ultimately decides to hang up his goggles.

“It means so much to me,” he said. “Especially at the end of my career.

‘On my first attempt I was very naive and didn’t know what it meant to be an Olympic athlete or an Olympic champion. I had to work incredibly hard and go through a lot to get to Tokyo.

Chalmers says he still has a lot to offer swimming after his silver win

Winning silver there is probably a highlight of my swimming career, and to repeat that again this year, it’s so special to be a participant in the Olympics and to be recognized as, I guess, an Olympic champion.

‘My biggest goal now is to inspire the next generation of swimmers.

‘I came from South Australia and made it to the world stage of sport and I can’t wait to get back to Port Lincoln and inspire the next generation and make them believe that it is possible, even South Australians in general.

“I’m just so proud to be Australian, South Australian, and to come from a small country town like Port Lincoln. I love it.”