Packers General Manager Ted Thompson, in a statement on the team Web site, confirmed Favre was retiring.
"He has given Packers fans 16 years of wonderful memories, a Super Bowl championship among them, that will live on forever," Thompson said. "Brett's many accomplishments on the field are legendary.
"The uniqueness of Brett Favre -- his personality, charisma and love of the game -- undoubtedly will leave him as one of the enduring figures in NFL history.
Favre, 38, played 16 seasons with the Packers and was the team's starting quarterback since the fourth game of the 1992 season. Counting one season with the Atlanta Falcons, Favre has passed for 61,655 yards and 442 touchdowns.
He also holds NFL records for completions (5,377), passing attempts (8,758) and interceptions (288). His 160 wins as a quarterback was also the most in league history.
Favre was selected to the Pro Bowl nine times, including after last season when he completed 356 of 535 passes for 4,155 yards and 28 touchdowns.
In January 1997, he led the Packers to a win in Super Bowl XXXI, when Green Bay beat the New England Patriots 35-21. Favre passed for two touchdowns and ran for another in the game.