New Zealand-born Maitland played for Canterbury and the Crusaders before moving to Europe.
He joined Glasgow in 2012 and made his Scotland debut just a year later, as well as being called up to the victorious 2013 British and Irish Lions squad in Australia.
The 35-year-old's Scotland career featured 53 caps, including 15 tries, with Maitland appearing at both the 2015 and 2019 Rugby World Cups.
He moved to Saracens from London Irish in 2016, playing 147 times during eight years with Sarries, where he won three Premiership titles and two European crowns.
There could be more success to come before Maitland brings down the curtain on his career.
Saracens are currently second in the Premiership table ahead of Saturday's final day of the season, which will settle the four teams that contest the title-deciding play-offs.
"Saracens is such a special place and I cannot thank everyone enough," said Maitland in a club statement.
"It is a place I will always treasure and I can't wait to watch as a fan for years to come.
"Thanks to everyone who has contributed to making my career so enjoyable from start to finish."
Saracens director of rugby Mark McCall paid tribute to Maitland by saying: "We feel very fortunate to have shared the last eight years with Sean.
"He has been an outstanding competitor on the field and a brilliant team-mate off it."
