The Italian's career thus looks to end after 26 seasons and he holds the record for most victories (89) and podium places (199) in MotoGP.
"I have decided to quit after the season.
It has been a very long journey, but it has been very fun ", he says according to AFP.
He started in the 125cc cubic class in 1996 where he won the title the following year and has dominated the sport for most of the 2000s.
His latest race victory he salvaged in 2017 during the Netherlands GP where he finished in third place overall.