Cole, who turned 37 last week, made 716 appearances and scored 104 goals for seven clubs and completed his career with Tampa Bay Rowdies in the second-tier United Soccer League.
"After 20 years as a professional, the time has come for me to hang up my boots," Cole, who came through West Ham United's youth system, said in a statement. "It has been a dream come true. All of it.
"Whatever is next, I hope the next two decades are as special as my last 20 years as a professional have been."
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