The Manchester United midfielder had been widely expected to end his career this summer but has now confirmed that is his intention.
The 36-year-old, who won 34 caps for England, underwent a procedure in November to treat an irregular heart rhythm, after which he declared himself "healthy", but he has only played three times since.
Carrick still hopes to play a part for Jose Mourinho's side in the remainder of the season, fully recovered from the heart issue.
"There comes a time when, you like it or you don't like it, your body tells you it's time to top playing football and that's pretty much where I'm at", Carrick said on Monday. "That's where I'm at", he said. That's where I'm at and you have got to accept it.
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However, the Dolphins will also be forced to take on dead cap hits of $9.1 million and $13.1 million over the next two years. This morning, Suh posted a video on Twitter telling fans to "stay tuned, there will be some exciting news going on".
'Yes. It's kind of been sorted out.
"It started in the Burton game and then happened again in training", Carrick added, discussing his health problem.
"I'm clear now, it took a bit of time to get over".
"I need to keep myself fit and ready". I understood after getting back fit that I wouldn't be playing as many games as perhaps I might have done, but that's something that I understood.
In his 12 years at United, he has scored 24 goals and was given a testimonial by the club last June.