Rapinoe, who currently plays in the National Women's Soccer League(NWSL) for OL Reign, is set to play at her fourth Women's World Cup later this month.
The 38-year-old made her debut for the US in 2006 and has won 199 caps, scoring 63 goals.
Rapinoe has won the Women's World Cup twice and Olympic gold at the London 2012 Olympics.
She won the Women's Ballon D'or and FIFA Women's player of the year in 2019.
Rapinoe wrote on Twitter: "I've been able to have such an incredible career, and this game has brought me all over the world and allowed me to meet so many amazing people.
"I feel incredibly grateful to have played as long as I have, to be as successful as we've been and to have been a part of a generation of players who undoubtedly left the game better than they found it.
"To be able to play one last World Cup and one last NWSL season and go out on my own terms is incredibly special.
"I want to thank my family for being by my side all these years. Thanks to all my team-mates and coaches all the way back to my first days in Redding, on to college at the University of Portland and of course thanks to US Soccer, the Seattle Reign and especially Sue [Bird, Rapinoe’s partner] for everything.
"I will forever cherish the friendships and support over the years in this game and I am beyond excited for one last ride with the national team and the Reign."
