Howard made the announcement on Sunday after featuring in his last club, Colorado Rapid’s 3-1 defeat to Los Angeles FC in the Major League Soccer(MLS).
The former United States international made his name in the Premier League with Manchester United, where he won the FA Cup, Community Shield and League Cup in a three-year spell before initially joining Everton on loan in the 2006/2007 season.
Howard’s move to the Toffees was made permanent the following season and he earned cult-hero status at Goodison Park with 414 appearances in all competitions during a 10-year spell.
He was a member of the Everton side that made it to the FA Cup final in 2009, losing 2-1 to Chelsea at Wembley.
Alongside Peter Schmeichel, Paul Robinson, Brad Friedel and Asmir Begovic, Howard is one of only five goalkeepers to have scored a Premier League goal after finding the back of the net with a clearance from his own half in a 2-1 defeat to Bolton Wanderers in January 2012.
With 121 appearances, Howard is the most capped goalkeeper in the history of the United States Men’s National Team.
Howard featured for the US at both the 2010 and 2014 FIFA World Cups.
At the latter tournament, he earned the record for the most number of saves by a goalkeeper in a single FIFA World Cup game (15) against Belgium at the round of 16 stage, where the US exited in a 2-1 defeat.