The 34-year-old, who featured in 14 Tests, 213 ODIs and 54 T20I matches, will bring curtains on his career that began in 2004 after the conclusion of the ongoing T20 International series against Pakistan in Rawalpindi.
"I congratulate Elton for an impressive career that saw him succeed across formats for a number of years," ICC Chief Executive Manu Sawhney said in a release.
"He was a fine ambassador of the game and came up with notable contributions with both bat and ball across formats.
"I hope Elton will continue to be associated with the game after retirement and use his considerable experience to promote the game in his country and outside."
Chigumbura, who first shot into prominence during the Under-19 World Cup in 2004 in Bangladesh when he starred with the ball in a surprise victory over Australia, established himself in the senior team soon after, making his debut in a home ODI series against Sri Lanka the same year.
The fast bowling all-rounder scored 569 runs and took 21 wickets in 14 Tests but tasted more success in ODI cricket, amassing 4,340 runs and grabbing 101 wickets in 213 matches.
He went into Tuesday's T20I, the 57th and last of his career, with 891 runs and 16 wickets.
Chigumbura played in the World Cups of 2007, 2011 and 2015, the T20 World Cups of 2007, 2010, 2012, 2014 and 2016, as well as the Champions Trophy tournament in 2004 and 2006.
He led Zimbabwe in 62 ODIs and 18 T20Is.