In order to adapt to the time-varying nature of wireless channels, various channel-adaptive schemes have been proposed to exploit inherent spatial diversity in wireless ad hoc networks where there are usually alternate forwarding nodes available at a given forwarding node. However, existing schemes along this line are designed based on heuristics, implying room for performance enhancement. Thereby, to seek a theoretical foundation for improving spatial diversity gain, we formulate the selection of the next-hop relay as a sequential decision problem and derive a general "Optimal Stopping Relaying (OSR)" framework for designing such spatial-diversity schemes. As a particular example, assuming Rayleigh fading channels, we implement an OSR strategy to optimize information efficiency (IE) in a protocol stack consisting of Greedy Perimeter Stateless Routing (GPSR) and IEEE 802.11 MAC protocols. We present an analysis of the algorithm for a single node. In addition, we perform extensive simulations (using QualNet) to evaluate the end-to-end performance of the proposed forwarding strategy. The results demonstrate the superiority of OSR over other existing schemes.