The 36-year-old posted a statement on his Instagram page on Wednesday afternoon, accompanying a picture of his collected race jerseys, medals and trophies.
In it, he said: “2016 is the end of the road for this chapter, onwards and upwards, ‘feet on the ground, head in the clouds’ kids from Kilburn don’t win Olympic Golds and Tour de Frances! They do now.”
Wiggins, who conquered his sport on the road as well as in the velodrome, won his fifth Olympic gold in Rio this year as part of the team pursuit, adding to a tally that also includes a silver and two bronzes.
He competed in five successive Games from Sydney 2000 and reached a career high in 2012 when he completed an unprecedented double of a maiden Tour de France victory with Team Sky and a home Olympic triumph in the time-trial in London.
His retirement message also read: “I have been lucky enough to live a dream and fulfil my childhood aspiration of making a living and a career out of the sport I fell in love with at the age of 12. I’ve met my idols and ridden with and alongside the best for 20 years.
“I have worked with the world’s best coaches and managers who I will always be grateful to for their support. What will stick with me forever is the support and love from the public though thick and thin, all as a result of riding a pushbike for a living. 2012 blew my mind and was a gas.
“Cycling has given me everything and I couldn’t have done it without the support of my wonderful wife Cath and our amazing kids.”