The USA international has spent his entire professional career in England, having initially joining Nottingham in 2004 prior to a short spell with Northampton Saints and then eventually linking up with Saracens in 2008.
Wyles boasts 243 appearances for Saracens, scoring 67 tries, and has helped the club to win three Premiership titles and the European Champions Cup on two occasions.
The 34-year-old revealed that he did have the opportunity to extend his career but he feels the time is now right to call it a day.
Wyles said: "There was an opportunity to continue but it feels like now is the perfect time to step away from rugby.
"It's been an incredibly tough decision to make.
"While it's going to be hard moving on from rugby, the support Saracens have given me means the transition will hopefully be a smooth one."