Davis has decided to call time on his 20-year professional career, in which he represented four different clubs, after being sidelined for over a year with a troublesome knee injury.
The Ballymena-born midfielder made 140 appearances for Northern Ireland and holds the record for the most international caps by a male player from the UK.
Davis made his international debut for Northern Ireland back in 2005 and as well as captaining his country on 82 occasions, he also scored a total of 13 goals, including two memorable strikes in a 3-0 win over Greece to help the Green and White Army qualify for Euro 2016.
At the age of 19, Davis made his senior debut for Aston Villa in September 2004 and played 102 times for the Lions over a three-year period, winning the club's Player and Young Player of the Year awards in 2005-06 before joining fellow Premier League side Fulham.
Davis spent just six months at Craven Cottage, though, and swiftly moved to Rangers on loan in January 2008 before making his switch to Ibrox permanent the following summer.
After four successful years in Glasgow, the midfielder opted to return to the Premier League with Southampton, where he made 226 appearances in all competitions between 2012 and 2019.
Davis was made an MBE in 2017 during his time with the Saints, shortly before reaching the EFL Cup final, and he eventually returned to Rangers two years later, again on loan before signing permanently in the summer of 2019.
During his time at Ibrox, Davis contributed with 27 goals and 70 assists in 359 appearances and won four Scottish Premiership titles, three Scottish Cups and three Scottish League Cups, while he also helped Rangers reach the UEFA Cup/Europa League finals in 2007-08 and 2021-22.
Davis was named PFA Scotland Player of the Year in 2009-10 after winning a domestic double with the Gers, while he was also named in the Scottish Premiership Team of the Year on four occasions.
His final contribution to Rangers was acting as caretaker manager in October last year following the dismissal of Michael Beale, and he successfully steered the club to a 3-0 win at St Mirren before the arrival of current manager Philippe Clement.
Speaking to Rangers' official website after formally hanging up his boots, Davis said: "It's a strange sensation today, but ultimately it has been at the back of my mind given the nature of the injury and my age.
"I did some testing four weeks ago and I realised I was still a little bit away. It feels like the time is right and I'm comfortable with it.
"It's been an incredible journey to get to two European finals and win the trophies that I have, share those moments with the fans, be within the dressing room with your family after the games.
"It's such a special football club and it goes without saying that I'm going to miss it, but I've had an incredible time here."
Davis, who lifted the Scottish League Cup with Rangers in November last year, departs Rangers sitting second in the Premiership table, five points behind leaders Celtic who have played a game more, while the Gers have also progressed to the last 16 of the Europa League and fifth round of the Scottish Cup.