The 27-year-old won his first-ever Olympic gold medal this year in PyeongChang, as part of Canada's dominant group of skaters in the team competition.
The 27-year-old Chan steps away from professional competition as the most decorated figure skater in Canadian history.
Chan's consistency and longevity has been incredible over the course of his career, as he won his 10th national title in January to break a record held since 1939.
The announcement was widely expected as Chan had previously hinted he would call time on his career after the Games.
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Patrick Chan of Canada competes.
"It has given me memorable experiences and has taught me lessons I will carry throughout life".
"I have fulfilled my dreams and aspirations in competitive skating and it is now time to move on to new challenges and opportunities".
He also clinched three Four Continents Championships titles in 2009, 2012 and 2016.
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"Patrick's impact on the sport has been instrumental to the continued success of figure skating in Canada", Slipchuk added.
Skate Canada CEO commented: "His handsome lyrical skating matched with his outgoing and positive personality has made him a champion on and off the ice".
"Skate Canada would like to congratulate Patrick on a fabulous career and we wish him the best of luck with his future endeavours".
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