The 38-year-old power forward, who posted her decision on Instagram, was a two-time WNBA Most Valuable Player who averaged 16.0 points, 8.5 rebounds, 4.0 assists, 1.5 blocked shot and 1.3 steals a game for her career.
"I'm retiring," Parker wrote. "I promised I'd never cheat the game & that I'd leave it in a better place than I came into it. The competitor in me always wants 1 more, but it's time. My HEART & body knew, but I needed to give my mind time to accept it."
Parker won WNBA titles in 2016 with the Los Angeles Sparks, 2021 with the Chicago Sky and last year with the Las Vegas Aces. She underwent surgery for a fractured foot last July and struggled with the injury as a new campaign loomed next month.
"This offseason hasn't been fun on a foot that isn't cooperating," Parker wrote. "It's no fun playing in pain (10 surgeries in my career) it's no fun knowing what you could do, if only... it's no fun hearing 'she isn't the same' when I know why, it's no fun accepting the fact you need surgery AGAIN."
Parker, who won Olympic gold in 2008 and 2012, vowed she would one day own both NBA and WNBA clubs but looked forward to life away from the court as well.
"Being a wife & mom still remains priority #1 & I've learned that time flies, so I plan to enjoy my family to the fullest," she wrote.
"Today's players: ENJOY IT. No matter how you prepare for it, you won't be ready for the gap it leaves in your soul. Forgive me as I mourn a bit, but I'll be back loving the game differently in a while."