Green, 34, played his last two seasons in Arizona.
Green made the announcement on his Instagram page.
"I've stayed true to the game and it owes me nothing," Green posted, in part. "The next chapter begins ..."
The Cardinals thanked Green in a tweet.
Green finishes his NFL career with 727 catches for 10,514 yards and 70 touchdowns. He played in 158 games (144 starts), the last 31 (19 starts) in Arizona.
The Bengals selected Green No. 4 overall out of Georgia in the 2011 draft, and he posted the first of five consecutive 1,000-yard receiving seasons in his rookie campaign.