Riquelme revealed his decision in the wake of Wednesday night's Copa Libertadores loss to Corinthians, where Boca suffered a 2-0 defeat in the second leg in Brazil to go down 3-1 on aggregate.
The 34-year-old has spent 12 years in two spells at Boca ether side of a stint in Europe and he feels he has given all he can to the Argentinian giants.
"I'm not going to continue. I feel empty, I don't think I have any more to give to this club. I can't play at 50 per cent," he was quoted as saying on Boca's official website, www.bocajuniors.com.ar.
"I love this club, I will be forever grateful to this club. I'll always be there if they need anything, now I need to go home."
Regarding his future plans, the former Argentinian international said: "I'm going to talk with my friends and with my family and see if they want to see me play a little more."
Riquelme began his professional career at Boca and spent six seasons in the first-team squad at La Bombonera before joining Barcelona in 2002. After three years at the Nou Camp he moved to Barca's Primera Division rivals Villarreal in 2005.
He then returned to Boca on a season-long loan in 2007 before permanently moving back to his former club.
During his time at Boca, Riquelme won the Copa Libertadores three times and helped the club claim five league titles. He also won more than 50 caps for Argentina.
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