The Englishman has enjoyed a career full of ups and downs, the peak being Leicester's unlikely Premier League title triumph in 2015-16.
However, a 2017 transfer worth £35m to Chelsea failed to live up to expectations, Drinkwater making just 23 appearances for the Blues.
A number of loan periods elsewhere did not lead to a permanent home being found, and over 15 months without a club has resulted in Drinkwater calling quits on his playing days.
Speaking on the High Performance Podcast, Drinkwater said: "I'd just like to announce my retirement from professional football. It's probably been a long time coming, especially with the last year, but I think it's time to officially announce it now.
"I didn't think it would bother me but saying it then it's almost like scratching a nerve a bit. I think I've been ready for it, not stopping at my peak and it's simmered down a bit, that's helped the transition.
"I think I've been in limbo for too long, I've either been wanting to play but not getting the opportunities to play at a level where I felt valued. I just thought I'm restless here for no reason, I'm happy not playing football, but I'm happy playing football, so do I just shake hands with the sport?
"It's all I've known, it's been my life since I was six or seven, it was never going to be an easy thing. I think the way it's died down has definitely helped.
"If I was playing week in, week out and had to stop through injury or age I think it would be trickier. I've had quite a few offers from Championship clubs, but I never felt the burn, it did nothing for me."
Drinkwater ends his career having made a total of 372 appearances in all competitions, scoring 19 goals, and winning three pieces of silverware; the 2013-14 Championship and 2015-16 Premier League with Leicester and the 2017-18 FA Cup with Chelsea.
The Manchester United academy graduate had eight different periods on loan, representing Huddersfield Town, Cardiff City, Watford, Barnsley, Burnley, Aston Villa, Kasimpasa and Reading.
He will be best remembered for his time at the King Power Stadium, though, with six seasons spent as one of the team's key men, particularly during the title-winning seasons where he missed just four league fixtures during those two campaigns.
During Leicester's season in the Champions League, Drinkwater play in every match as the club reached the quarter-finals of the competition, and he will go down as a legendary figure at the East Midlands outfit.