The 36-year-old Bournemouth player, who has 30 England caps, began his career in 1990 and has played for Portsmouth, Tottenham, Birmingham City and Wolves.
His last game will be against Chester in League Two and will be the 569th of his career.
"It's a tough decision and Saturday will be a sad day," he told the Bournemouth Echo.
Anderton, who has been with the Cherries for the past two years, spent 12 years with Spurs between 1992 and 2004, and also starred for England in 1996, despite missing much of the season through injury in their progression to the European Championship semi-finals.
He added: "I've been lucky to come to Bournemouth and have really enjoyed it. It's been a great way to finish my career.
"I was finding training hard work and rather than just slogging on and not enjoying it, I have made this decision.
"I would to thank all the supporters for the fantastic backing I have had since my first minute at the club."
Anderton's only domestic honour was the Worthington Cup, which he won with Spurs in 1999 - while his last five England caps came under five different managers
http://news.bbc.co.uk/sport1/hi/football/teams/b/bournemouth/7766130.stm
A really solid and reliable player for England who wouldn't have really fitted in now in these times of Superman, Hype-Walcott, Beckham etc.
Just a technically sound, intelligent and dependable player.
Remember him coming to Vic as part of Ossie's famous 5 when we lost a thriller 6-3 and he was on the scoresheet.
Last saw him play for Wolves at Vicarage Road in our promotion season 05/06 - him and Mark Kennedy ran the show, their legs had gone but they still had the ability and, under Hoddle, they played us off the park with us winning 3-1 with 3 goals from Young set pieces.
He wouldn't make it as a wide player now but he was class.