Lewis has had his playing time limited this season by a triceps injury but he is to be on the field Sunday when the Ravens play the Indianapolis Colts in a wild-card playoff game.
Lewis, 37, told the team of his decision Wednesday, saying, "This is my last ride."
Baltimore selected Lewis with the 26th selection of the 1996 NFL draft -- the second pick in franchise history -- and he has been one of the NFL's best defensive players since. He has had recorded more than 2,000 tackles and been credited with 41.5 sacks and 31 interceptions.
He made his first appearance on the Pro Bowl team in 1997 and only missed selections in 1996, 2002, 2005, and 2012 in his 17-season career. Among his other honors was selection as Most Valuable Player of Super Bowl XXXV.