The Twins announced the decision Wednesday, moving Perkins closer to retirement.
The 34-year-old three-time All-Star will become a free agent able to sign with any team, including the Twins, but he has said he's not interested in pitching elsewhere. Perkins played at Stillwater High School outside the Twin Cities and the University of Minnesota before the Twins drafted him in the first round in 2004.
With 120 saves, Perkins is third on the franchise's all-time list. He pitched in only 10 games the past two seasons because of shoulder trouble. Perkins returned in August from an arduous rehabilitation over a 16-month absence.