RNZ reports Lampard, who started his career at West Ham United, established himself as one of Europe's finest midfield players during a 13-year spell at Chelsea.
"After 21 incredible years, I have decided that now is the right time to finish my career as a professional footballer," Lampard said in a statement.
"Whilst I have received a number of exciting offers to continue playing at home and abroad, at 38 I feel now is the time to begin the next chapter in my life.