Injuries prevented Wilshere from getting consistent game time since leaving the north London club in 2018. He spent last season with Danish side Aarhus.
"It has been an unbelievable journey filled with so many incredible moments and I feel privileged to have experienced all that I did during my career," Wilshere posted on Twitter.
"In truth it has been difficult to accept my career has been slipping away in recent times due to reasons outside of my control whilst feeling that I still have so much to give.
"Having played at the very highest level I have always held such huge ambitions within the game and if I am truthful I did not envisage being in this position at times.
"However, having had time to reflect and talk with those closest with me I know that now is the right time and despite the difficult moments I look back on my career with great pride at what I have achieved."
I've lived my dream. Thank you all ❤️ pic.twitter.com/rB5gnyyUlK— Jack Wilshere (@JackWilshere) July 8, 2022
Wilshere was a graduate of Arsenal's academy and made his senior debut at age 16 in September 2008, becoming their youngest ever league debutant. He went on to play 197 games for the club, including 22 appearances in the Champions League.
He since had spells at Bournemouth and West Ham United, but injuries continued to hamper his career.
Wilshere returned to Bournemouth in the Championship in 2021, before making the move to Aarhus last season.
Wilshere earned 34 international caps for England, including appearances at the 2014 World Cup and Euro 2016.
"Now is the right time to close this chapter but I still have so much to give to the game and I am excited about what the future holds," the former England international added.