"It is very sad when an injury suddenly finishes your career... but it is time to face new challenges in my life, turn over the page, as hard as that is, and I wish the Tigers all the very best for the future," Ayerza said in a statement.
Ayerza ran out 66 times for Argentina, playing in three World Cups, including in 2007 when he helped the Pumas to third place in his first tournament.
"Marcos has been an outstanding representative of the club on and off the field in more than 10 years at Tigers," Leicester chairman Peter Tom said.
"He has been at the very heart of the Tigers squad for the last 11 seasons and continually worked hard on his game while also assisting those around him."
(Reporting by Aditi Prakash in Bengaluru; editing by Richard Lough)
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