During his 17-year career, Pippen, 39, played in 1,178 games and averaged 16.1 points, 6.4 rebounds, 5.2 assists, and 1.96 steals per game. He played for the Bulls, Houston and Portland, and was named to the NBA's 50 Greatest Players list in 1996.
With Chicago, he was a member of six NBA World Championship teams.
"This was a very difficult decision for me to retire from playing a game that has been such a great part of my life," Pippen said during a news conference. "I am retiring, but I still plan on being around for training camp to help this team. After 17 years, it's tough for me to just walk away completely."
His career numbers place him 40th in league history in points (18,940), fourth in steals (2,307), 23rd in assists (6,135) and 13th in minutes played (41,069).