Ricky Ponting will retire from all professional cricket in October.
The 38-year-old, one of the outstanding batsmen of his generation, called time on his international career in December but has continued to play in several domestic competitions, including the English County Championship where he is currently appearing for Surrey.
Following his county stint, Ponting will compete in the Champions League with Indian Premier League franchise the Mumbai Indians before retiring from all senior cricket.
Ponting, who had previously ruled out reversing his international retirement to help Australia regain the Ashes in England in a Test series starting next month, said: "While I'm enjoying my cricket as much as ever, it just feels like the right time to finish playing.
"My body and mind are in great shape and I know I'm going to really enjoy these last few months before the next stage of life begins."
Ponting played in, and later captained, strong Australia teams and his career total of 13,378 Test runs, in 168 matches with 41 hundreds, is second only to that of India great Sachin Tendulkar.
As captain, Ponting won 48 off his 77 Tests in charge but also led Australia in three Ashes series defeats by England.
He also appeared in 375 one-day internationals, scoring 30 hundreds.
"I'm so grateful for the opportunities that the game of cricket has given to me," Ponting, due to play for Surrey against Yorkshire on Friday, said.
"I'll be able to spend more time with family and friends, play a lot more golf and see more of North Melbourne footy games.
"I'm considering a couple of options in the cricket media and I'm very fortunate to have a wonderful group of commercial partners that I will be continuing to work with.
"(Wife) Rianna and I will continue to build the work of the Ponting Foundation and, with more time on my hands, I'm intending on spending more time with children with cancer and their families."
As for a possible career as a coach, Ponting added: "I got a taste of the off-field demands of coaching, mentoring and leadership at Mumbai. I'd like to do more of this in the future."