The 30-year-old Austrian, who has advanced to four Grand Slam finals, intends to call it a day at an Oktoberfest in Vienna.
“It is a very important, very sad, very beautiful message that this season will be my last one,” said Thiem.
“There are a few factors at play here. My wrist is the main one, naturally. things’s not precisely how I want things to be or how it should be.
“The second reason is my inner feeling: I have been thinking about this decision for a very long time.”
At the 2020 US Open, Thiem captured his one and only Grand Slam victory, setting a new career high.