In a statement on Facebook, the Tour de France winner and eight-time Olympic medallist said:
"I have been lucky enough to live a dream and fulfill my childhood aspiration of making a living and a career out of the sport I fell in love with at the age of 12. I've met my idols and ridden with and alongside the best for 20 years. I have worked with the world’s best coaches and managers who I will always be grateful to for their support."
Wiggins, who won three gold medals at the 2016 Olympic Games in Rio, added:
"What will stick with me forever is the support and love from the public though thick and thin, all as a result of riding a pushbike for a living. 2012 blew my mind and was a gas. Cycling has given me everything and I couldn't have done it without the support of my wonderful wife Cath and our amazing kids.
"2016 is the end of the road for this chapter, onwards and upwards, 'feet on the ground, head in the clouds' kids from Kilburn don't win Olympic Golds and Tour de Frances'! They do now."
Following his triumph at the Ghent Six Day event in November, Wiggins was coy about his plans for retirement.
"I have still got really good legs, so I don't just want to say 'yeah, that's 100 per cent it' and then make an announcement next week," he said.