The Devils said Elias will join Ken Daneyko, Scott Stevens, Scott Niedermayer and Martin Brodeur as the fifth player in team history to have his number retired when the team raises his No. 26 to the rafters next season.
"Time flies. Some great years, successful years," Elias said in a video on the team's website. "Some rough years, but it all brought us here.
"It's a long relationship. I've been here 23 years so this has been my second home. ... You hear it on a nightly basis, not just here around the rink, but in the towns, in New Jersey and anywhere you go, you still get recognized. That tells you how much you meant to [the fans], and obviously they meant a tremendous amount to me to have their support."
As part of the team's celebration, Elias, who turns 41 on April 13, will skate with the Devils during pregame warmups for the team's final home game, on April 8.
A two-time Stanley Cup winner (2000, 2003), Elias hasn't played since the final three games of the 2015-16 season, of which he played only 16 games due to a knee injury. He had knee surgery last summer.
Elias, who was drafted in the second round in 1994 by the Devils, had 408 goals and 617 assists for 1,025 points over his career, which spanned 1,240 regular-season games. In addition, the four-time All-Star had 45 goals and 80 assists in 162 playoff games.
He was named to the All-Rookie team for the 1997-98 season, and he was the first European captain in Devils history.
He also represented his native Czech Republic in international play, winning a bronze medal at the 2006 Winter Olympics in Turin, Italy. He also won bronze at the world championships in 1998 and 2011.
In his final NHL game, on April 9, Elias scored a goal, recorded two assists and was named the first star of the game in a 5-1 win over the Maple Leafs.
"Patrik Elias helped to create the foundation for what it means, and what it takes, to be a part of the New Jersey Devils organization," said Josh Harris, managing partner of the Devils and Prudential Center.
The Associated Press contributed to this report.