The 34-year-old Lindros was held to career-low five goals with 21 assists in 49 games with the Dallas Stars last season, and was not offered a new contract.
The Hart Trophy winner as league's MVP with the Philadelphia Flyers in 1995 played in just 33 games for Toronto in the 2005-06 because of a broken wrist.
"The decision did not come easily," he said.
The six-time all-star also ended his career with eight documented concussions.
In the 1997-98 season while with the Flyers, he was the fifth-fastest player in league history to reach the 500-point plateau.
In 760 career games with the Flyers, Rangers, Toronto, and Stars, Lindros had 372 goals and 493 assists for 865 points.
The 6-foot-4, 245-pounder originally was chosen first overall by the Quebec Nordiques in 1991 before refusing to play and demanding a trade, which landed him in Philadelphia.