The 36-year-old, who started his career with Mapei-Quickstep in 2001, was diagnosed with a malformation of the aortic valve at the start of his career.
But now, cardiac examinations identified heart arrhythmia, meaning he must bring an end to his 16-year career, ending his time at Tinkoff.
"Whilst I'm disappointed to miss my 13th Tour de France and a chance to compete at my fifth Olympic Games, I'm not prepared to put my health in jeopardy," Rogers said in a statement.
"The opportunity of being a professional cyclist is that after retirement the challenge of a whole new career beckons."
Tinkoff-Saxo, Secrets of the Toolbox
He also counts overall wins at the Tour of California, Tour Down Under and the Ruta del Sol to his name.
But Rogers will be best remembered for his three consecutive World Championships time trial titles between 2003-2005 and his bronze medal at the Olympic Games in Athens in 2004.
"I worked on and off the bike with exceptionally smart and talented people, created lasting friendships, smiled and laughed lots, made a bunch of mistakes, cried myself to sleep a few times, travelled the world and learned to speak foreign languages," he wrote.
"Did I mention that I had the time of my life? All of this thanks to one dream – to become a professional cyclist.
"All great dreams eventually come to an end, and today it's time to conclude mine by announcing my retirement from racing."
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