Earnhardt has raced for 18 seasons and driven in more than 600 races with members of his No. 88 Hendrick Motorsports team.
The fan favorite and two-time Daytona 500 champion will discuss his decision in a press conference Tuesday afternoon. He will be joined by Hendrick Motorsports owner Rick Hendrick, for whom Earnhardt has driven since 2008.
Earnhardt, who will turn 43 in October, made his first career Cup Series start on May 30, 1999, at Charlotte Motor Speedway.
Earnhardt returned to competition in the No. 88 Chevrolet this year after a concussion sidelined him from NASCAR's top series for half of the 2016 season. Through his rehabilitation process, Earnhardt has become a vocal advocate for research of sports-related brain injuries.