Wakefield, 45, played 17 seasons with the Red Sox after pitching his first two years for the Pittsburgh Pirates. He was part of Red Sox teams that won the World Series in 2004 and 2007.
Wakefield compiled a 200-180 record and 4.41 earned run average in 627 appearances, of which 463 were starts, in his career. He twice won 17 games in a season, the second time in 2007, and struck out 2,156 batters.
Wakefield was the oldest player in the majors last season when he went 7-8 with a 5.12 ERA. He picked up win No. 200 on Sept. 13 against Toronto.
Wakefield was 8-1 with a 2.15 ERA in his first season with Pittsburgh, helping the Pirates win the 1992 National League Eastern Division title with a 96-66 record. Pittsburgh hasn't finished better than .500 since.
He spent the 1994 season in the minors before winning a place with the Red Sox in 1995.
In addition to the Pirates' 1992 playoff appearance, Wakefield pitched in the playoffs in eight other seasons.