The Spurs will honor Parker in a ceremony on Nov. 11 before a game against the Memphis Grizzlies.
Parker played 17 seasons and won four NBA titles with the Spurs before concluding his career last season with the Charlotte Hornets.
The French point guard was named to the All-NBA second team for three straight seasons from 2012 to '14 and the third team in 2009. He was a six-time All-Star and was named the MVP of the 2007 NBA Finals.
He is the Spurs' all-time leader in assists with 6,829, is second in games played (behind Tim Duncun) with 1,198 and is fourth in points with 18,943.
Parker will be the 10th Spurs player to have his number retired, joining Bruce Bowen (12), Tim Duncan (21), Sean Elliott (32), George Gervin (44), Manu Ginobili (20), Avery Johnson (6), Johnny Moore (00), David Robinson (50) and James Silas (13).
The Spurs will be the seventh team to retire 10 numbers. The Philadelphia 76ers, Boston Celtics, Detroit Pistons, Sacramento Kings, Los Angeles Lakers and Phoenix Suns are the others. The Celtics have the most, with 22.