The 36-year-old played for Boca Juniors in three different spells as well as Barcelona and Villarreal before moving to Argentinos Juniors in the final days of his career.
With his time at Argentinos Juniors coming to an end, the No.10 was linked to a move to the United States, but the Argentina hero announced in an interview with ESPN in Argentina that he is bringing an end to his playing career.
"I have decided to no longer play football," he said.
"Now I am just a fan. I will go and suffer in the stadium. I am very pleased with the career I had.
"I enjoyed football to the maximum. I hope the people have enjoyed it alongside me. I tried to have a good time.
"I tried to give everything I could to fans of Boca, Argentina, Villarreal and Barcelona, in the youth teams and the full team.
"I am someone who makes decisions calmly, who thinks a lot. It's clear now that I'll be on holiday, I'll have fun, enjoy time with my children.
"From now on my football life ends and a new life starts. Let's see what it holds."
Riquelme won five league titles as well as three Copa Libertadores with Boca Juniors and also lifted the Intertoto Cup twice at Villarreal and was named Argentina's player of the year four times, first in 2000 and last in 2011.
