Widely regarded as one of the greats in his position, Bailey was drafted by the Washington Redskins in 1999, but secured his legacy with a decade of sterling service at the Denver Broncos.
After trading to Colorado in 2003, Bailey made 533 tackles and 35 interceptions in 144 total appearances for the Broncos - those stellar numbers adding to 12 career Pro Bowl selections, more than any other corner.
The 36-year-old saw game time severely limited last season due to a persistent foot injury, but he still returned to lead the Broncos to the AFC Championship, before a heavy 43-8 defeat at Super Bowl 48 to the Seattle Seahawks earlier this year.
Bailey was subsequently cut by the Broncos as they looked to make a saving on his estimated $10million-per-year contract and had trained with the New Orleans Saints - though he was unable to earn a playing deal.
His agent Jack Reale revealed to numerous news outlets on Tuesday that Bailey has opted to call time on a career that is certain to be recognised by the Pro Football Hall of Fame in the future.
"At this time, Champ has decided not to accept on-field opportunities and pursue another career path," Reale revealed to ESPN.
"He could be playing right now if he wanted to be.
"To play the end of this season and maybe next season, given his opportunities, he could have done that.
"But he decided it was best to move on to those other areas. I think everybody on his team agreed that was a good approach."
Reale told The Baltimore Sun: "Champ has some outstanding opportunities that he's going to pursue.
"He's heard from several teams, I'm not going to say who, but this is the way that Champ has decided to go. He's had a great career."