The 34-year-old, who has 430 appearances for the Devonian outfit to his name, will play his last ever match when Chiefs welcome Gloucester to Sandy Park in the Aviva Premiership on Saturday.
Baxter feels that the time is right to hang up his boots and call it a day come the conclusion of the current campaign.
"It has been an incredible journey," Baxter told the club's official website. "When I first started playing I never thought I would stay with the club for this long, so for to me finish with Exeter being a Premiership club – and having been on that journey with them is just fantastic.
"However, it just feels the right time for me to move on to other things. Not many sportsmen get the chance for it to be their decision, either through loss of form, injuries or a club not wanting you, so it's just feels the right time."
Baxter made his debut for the club in October 1997.