The rematch had been scheduled for November 11 in Sin City after the Ukrainian lost to Joshua at Wembley in April.
Klitschko confirmed the news with a statement on his website which reads
"I deliberately took a few weeks to make my decision, to make sure I had enough distance from the fight at Wembley Stadium.
"As an amateur and a professional boxer, I have achieved everything I dreamed of, and now I want to start my second career after sports.I would have never imagined that I would have such a long and incredibly successful boxing career. I'm very thankful for this.
"Thanks to everyone who has always supported me. Especially my family, my team and my many fans."
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