The 35-year-old, who is currently playing for Sagan Tosu in Japan, confirmed the end of his football career on social media.
He wrote: “I have something very important to announce. After 18 exciting years, the time has come to put an end to my football career.
“Next Sunday, the 23rd at 10:00AM, local time in Japan, I will have a press conference in Tokyo to explain all the details. See you there.”
Torres joined Liverpool from Atletico Madrid in 2007 and scored 65 goals in 102 appearances till he left in 2011.
He joined Chelsea from Liverpool in 2011 and went on to make 110 appearances, scoring 20 goals in three seasons.