Rivers ranks fifth all-time with 63,440 passing yards and 421 touchdown passes.
Quarterback Philip Rivers is hanging it up after 17 NFL seasons.
Rivers told The San Diego Union-Tribune that he has decided to retire and plans to formally announce it on Wednesday.
"It's just time," Rivers told the Union-Tribune late Tuesday night. "It's just right."
Rivers's career ends after he played in 244 games, including 240 consecutive starts. He ranks fifth all-time with 63,440 passing yards and 421 touchdown passes.
After being selected No. 4 overall by the Giants in the 2004 NFL draft, he spent 16 seasons with the Chargers before playing his final year with the Colts.
Rivers led the Colts to an 11–5 record and a playoff berth this season, losing to the Bills in an AFC wild-card game.
With his NFL career over, Rivers plans to coach high school football in his native state of Alabama. Last May, he announced his plan to eventually become the head coach at St. Michael Catholic High School in Fairhope, Ala., upon his retirement. Rivers's dad, Steve, previously spent 25 years as a high school football coach, including a 15-year stint at Alabama's Decatur high school.
Rivers, 39, told the Union-Tribune that he is "100% at peace" with his decision to retire.