For a number of weeks, it had been expected that Klitschko would look to continue his career with a rematch against IBF and WBA title holder Anthony Joshua, who stopped the 41-year-old in their epic Wembley Stadium encounter in April.
However, in what is regarded as a surprise move by the Ukrainian, he has decided to hang up his gloves after a stellar career which saw 64 wins recorded from 69 bouts.
After winning a goal medal at the 1996 Olympic Games in Atlanta, he made his professional debut later that year and in October 2000, he went on to win the first of his world titles.
The younger of the Klitschko siblings spent the next 17 years at the top of the sport but in his last two outings, he has been defeated by British duo Joshua and Tyson Fury .
A date of November 11 had been set aside for Klitschko to take a rematch with Joshua in Las Vegas, but the decision has been made to end his time in the ring.
Joshua is now expected to make the next defence of his world titles against Kubrat Pulev, who is the IBF’s mandatory challenger.