In his 13th season, Fryman decided to make his intentions known now because Friday's impending strike could make Wednesday's game his last.
Fryman, 33, also felt the timing was appropriate because the Indians are playing the Detroit Tigers, the team he spent his first eight seasons with.
"With the possibility of this being the last day of the season and the Tigers being in town, I felt like today would be the best time to do this," Fryman said.
"I talked to (Indians general manager) Mark Shapiro at the end of last season and told him this season would be crucial to me. If I couldn't play at an accepted level and stay healthy, I knew it would be time to walk away. I looked at it and felt the decision was the right one."
Fryman also drew praise from Tigers Hall of Fame broadcaster Ernie Harwell and former Detroit teammate Kirk Gibson.
"The Tigers should have never let him go," said Harwell, who also is retiring at the end of the season. "He was a great leader and great talent. He would have had many great seasons here."
"He's as pure as they get," Gibson. "A good man, a good family man, a leader. He was dedicated to the game all the time."
A five-time All-Star, Fryman has struggled to return to his previous form this season recovering from offseason surgery on his right shoulder.