The 36-year-old Frenchman joined Bayern for £17m from Marseille in June 2007 and will leave, along with Dutch winger Arjen Robben, at the end of the season.
“Bayern owes a lot to both of them and we will give them a wonderful and emotional farewell,” said Bayern chairman Karl-Heinz Rummenigge.
“They’ve helped shape Bayern’s most successful decade.”
Bayern will play a testimonial match for Ribery and Robben in 2020.
Ribery has won the Bundesliga eight times with Bayern and is set to add another title to his collection, with the club four points ahead of second-placed Borussia Dortmund going into the final two games of the season.
Bayern will also play RB Leipzig in the final of the German Cup.
“I don’t have a concrete plan for next season yet,” said Ribery, who also won the 2013 Champions League with the Bavarians.
“I’m not sure where I can go to play football. I will keep playing but nothing is 100% certain yet.”
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