Fitzgerald, who ranks second all time in NFL receiving yards, has built a strong relationship with Suns managing partner Robert Sarver. Fitzgerald, 36, had already taken on a significant ambassador's role with the team.
Even so, his presence has been more than ceremonial. Fitzgerald has done everything from sitting in on interviews with potential front-office candidates to canvassing for a Suns public arena vote, but he won't take a more active role with the Suns until his football playing career is over, sources told ESPN. He signed a one-year contract last week to play for the Cardinals in 2020.
"I have a special place in my heart for the Phoenix Suns and Mercury, and I have a great deal of respect for Robert," Fitzgerald said in a statement. "He has become a dear friend and trusted confidante. He is a big part of why I am making this commitment."
Fitzgerald has been a Suns season-ticket holder since 2005.
An iconic Arizona sporting and philanthropic figure, Fitzgerald is expected to bring an additional level of credibility to Sarver and the Suns. Fitzgerald has been engaged in well-regarded charitable foundations in the Phoenix area for much of his career. He was honored as the NFL's 2016 Walter Payton Man of the Year.
"Larry has been a great ambassador for our organization for years," Sarver said in a statement. "He is an Arizona icon and a businessman, passionate philanthropist, and leader. He brings a unique perspective from outside basketball but still grounded in sport, and we welcome him as a valued partner and investor."
Fitzgerald is considered the greatest player in Cardinals history, breaking every significant receiving record for the franchise. He has been voted an All-Pro in 11 of his 16 NFL seasons.