The midfielder recently became a free agent again following his departure from Danish side Aarhus GF after a five-month spell at the club.
Wilshere has returned to Arsenal in order to complete his coaching badges and was linked with a short-term move to the Gunners in January, but Mikel Arteta repeatedly ruled out the prospect of a contract for the midfielder.
Wilshere ultimately signed for Aarhus and provided three assists in 15 appearances for the Superligaen side in all competitions before being released upon the expiration of his contract.
Injuries have bedevilled the former England international throughout his career, and he has now announced that he has hung up his boots after a professional career spanning 14 years.
"Today I am announcing my retirement from playing professional football. It has been an unbelievable journey filled with so many incredible moments and I feel privileged to experience all that I did during my career," Wilshere wrote on social media.
"From being the little boy kicking a ball around in the garden to captaining my beloved Arsenal and playing for my country at a World Cup. I have lived my dream.
"In truth, it has been difficult to accept that my career has been slipping away in recent times due to reasons outside of my control whilst feeling that I still had so much to give. Having played at the very highest level, I have always held such huge ambitions within the game, and if I am truthful, I did not envisage being in this position at times.
"However, having had time to reflect and talk with those closest to me, I know that now is the right time, and despite the difficult moments, I look back on my career with great pride at what I have achieved.
"Playing at the very highest level with some of the best players in the world, winning FA Cups, captaining my club and representing my country were beyond my wildest dreams when I was a small boy growing up in Hitchin.
"I have enjoyed every moment of my career and it has been the journey of a lifetime. Now is the right time to close this chapter, but I still have so much to give to the game, and I am excited about what the future holds."
Wilshere began his youth career at Luton Town before joining Arsenal's academy in 2001, and the Englishman emerged as one of the Premier League's brightest midfield starlets under Arsene Wenger.
Wilshere made his competitive debut for Arsenal aged 16 years and 256 days in September 2008, making him the Gunners' youngest-ever player in the Premier League, and he went on to register 14 goals and 30 assists in 197 games for the Gunners.
The midfielder won two FA Cups and one Community Shield before signing for West Ham United on a free transfer in 2018, spending two years with the Hammers before a brief spell at Bournemouth in 2021.
At international level, Wilshere won 34 caps for England, scoring twice and setting up two more goals, and he was a part of the Three Lions' squad for the 2014 World Cup and Euro 2016.