The Brazil-born playmaker, who represented Portugal at international level, brings the curtain down on his playing days at Fluminense.
Over the course of a distinguished career, Deco won league titles in Portugal, Spain, England and Brazil.
He also lifted the UEFA Champions League, two FA Cups and was capped on 75 occasions by Portugal - gracing two World Cups and two European Championships.
"With great sadness and regret I announce the end of my career as a professional athlete," Deco is quoted as saying by AS.
"The last minutes with Fluminense on Wednesday were my last of my 17 years as a footballer.
"I would have loved to continue until the end of the Brasileiro and help the team get back in the Libertadores but my body wouldn't let me.
"I'm very grateful for all the trust and affection."