The former Liverpool and England captain left the Los Angeles Galaxy earlier this month and has now made the decision to hang up his boots, at the age of 36.
Gerrard said in a statement: “Following recent media speculation surrounding my future I can confirm my retirement from playing professional football.
“I have had an incredible career and am thankful for each and every moment of my time at Liverpool, England and LA Galaxy.
“As a teenager I fulfilled my childhood dream by pulling on the famous red shirt of Liverpool, and when I made my debut against Blackburn Rovers in November 1998 I could never have imagined what would then follow over the next 18 years.”
Gerrard is recognised as one of the greatest players in Liverpool’s history and one of the most outstanding midfield players of his generation.
Having progressed through the youth ranks at the Merseyside club, he went on to make 710 appearances for the Reds, scoring 186 goals, in a 17-year spell at Anfield.
He skippered Liverpool to their incredible comeback victory in the 2005 Champions League final, where they trailed 3-0 to AC Milan in Istanbul at half-time before pulling back to 3-3 in the second period and winning the match on penalties.
Gerrard also won two FA Cups, three League Cups, the UEFA Cup and the UEFA Super Cup.
He enjoyed an impressive international career too, collecting 114 England caps over a 14-year period, captaining his country at the 2010 and 2014 World Cups.
Gerrard added in his statement: “I feel lucky to have experienced so many wonderful highlights over the course of my career. I am proud to have played over 700 games for Liverpool, many of which as captain, and to have played my part in helping the club to bring major honours back to Anfield, none more so than that famous night in Istanbul.
“At international level, I feel privileged to have won 114 England caps and to have had the honour of captaining my country. I will always look back with great pride at every time I pulled on the England shirt.
“I feel very fortunate to have had the career I’ve had, but none of it would have been possible without the support of so many people.
“Firstly, I would like to thank everyone at Liverpool Football Club. I am proud to have played for and captained Liverpool for so many years and to have achieved what we achieved during my time at the club.