The three-time Super Bowl champion holds the NFL record for special teams players with 10 Pro Bowl selections.
Slater played in 264 games (including playoffs) for the Patriots from 2008-23, second only to Tom Brady (326).
"I have given all that I possibly can to respect and honor the game," he wrote in a lengthy post on social media. "Though it is time for my relationship with the game to evolve, the love I have for it will last a lifetime."
Originally drafted as a wide receiver in the fifth round in 2008, Slater made his impact on special teams. He served as a kick returner on and off between 2008 and 2016 and amassed 191 tackles in kick and punt coverage.
"In 2008, I came here as a young man with hopes and dreams," Slater wrote. "In 2024, I can retire knowing this experience has exceeded any hope or dream I ever had."