The 28th overall pick by the San Antonio Spurs in the 2001 NBA draft, Parker had previously said his goal was to play 20 seasons.
He ended shy of that goal, but the future Basketball Hall of Famer finished his career with numerous accomplishments.
Parker formed one of the greatest trios in sports history with Tim Duncan and Manu Ginobili. Under coach Gregg Popovich, they won four championships together in San Antonio, and Parker became the first European player to win Finals MVP honors in 2007.
A six-time All-Star, Parker played in 1,254 games and finished with career averages of 15.5 points, 5.6 assists and 2.7 rebounds.
Parker, 37, told The Undefeated he feels physically good enough to play two more seasons but in his mind he believes it is time to walk away.
"A lot of different stuff ultimately led me to this decision," Parker said. "But, at the end of the day, I was like, if I can't be Tony Parker anymore and I can't play for a championship, I don't want to play basketball anymore."
Parker plans to live in San Antonio post-retirement but will spend time in France as the owner and president of ASVEL, a French professional men's and women's basketball club.
He is also opening the Tony Parker Adequate Academy, an international school in his hometown of Lyon, France, later this year.