"After 21 incredible years, I have decided that now is the right time to finish my career as a professional footballer," Lampard said in a statement.
"Whilst I have received a number of exciting offers to continue playing at home and abroad, at 38 I feel now is the time to begin the next chapter in my life.
"Looking forward, I'm grateful to the FA for the opportunity to study for my coaching qualifications and I look forward to pursuing the off-field opportunities that this decision opens."
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Lampard, who was capped 106 times for England, is also Chelsea's all-time top goalscorer with 211 goals in over 400 appearances in all competitions.
The midfielder won three Premier League titles, four FA Cups and the Champions League during a trophy-laden spell at Chelsea.
(Reporting by Shravanth Vijayakumar in Bengaluru, editing by Pritha Sarkar)
