Fryatt has been plagued by injuries over the last three years, with issues with his Achilles playing a large part in keeping the player on the sidelines.
A return to Walsall had appeared to be a possibility earlier this season, but the frontman has instead opted to call time on his playing career.
Fryatt is quoted by the Express & Star as saying: "The only option is to call it a day. This is a big moment for me, but at the same time it's been a long time coming. I haven't played for nearly three years now so it was only natural.
"I've given it everything, from when it all started and thinking it was going to be a minor injury to three years later and realising the only option is to call it a day."