Feagles, 44, had one year left on his contract with the New York Giants but decided not to return to add to his record 1,713 punts.
"I've accepted it, it is what it is," Feagles said. "A week ago Monday, I got out of bed and the good Lord above sent me a sign and said you're finished. My knee was hurting, my back was hurting and I said I just can't do this."
Feagles averaged 40.7 yards on 674 punts last season with the Giants, about 1 yard a kick less than his career average of 41.6 yards. He also played for New England, Philadelphia, Arizona and Seattle. The Patriots signed him in 1988 as an undrafted free agent out of Miami (Fla.).
Feagles was a two-time Pro Bowl selection -- 1995 and 2008 -- and was with the Giants when they won Super Bowl XLII. He appeared in a league-record 352 consecutive games.
The Giants took East Carolina punter Matt Dodge in the seventh round of last week's NFL draft.