The nine-time MotoGP world champion, known as “The Doctor”, made the announcement at a special press conference at the Styrian Grand Prix, in Austria, on Thursday.
“It’s tough, but I will retire at the end of the current season,” Rossi said.
“It was a difficult decision; I would have liked to compete for another 25 years, but the moment has come.
“In sport, results make a difference.”
The racing legend added that it was a “sad” development.
“I have done this for nearly 30 years and next year my life will change from a certain point of view,” he said.
Widely viewed as one of the greatest motorcycle racers ever, Rossi has won nine Grand Prix World Championships, seven of which are in the premier class.
He’s won a record 115 grands prix — 89 of them in the premier class — and his 235 podium appearances are also more than any other rider.
The 42-year-old from Urbino is a charismatic and entertaining character, whose name transcended the sport, and he will be widely missed from the circuit.
