Giggs, 40, made made a club record 963 appearances for United and played 64 times for Wales.
He is the most decorated player in the English game, having won 13 league titles, four FA Cups and two Champions Leagues, among 34 trophies.
He said: "Today is a new chapter filled with many emotions - immense pride, sadness, but most of all, excitement."
Giggs made his last appearance in the 3-1 win over Hull on 6 May, when he replaced youngster Tom Lawrence for the last 20 minutes of the game.
"My dream was always to play for Manchester United, and although it saddens me to know I won't be pulling on a United jersey again as a player, I have been lucky enough to have fulfilled that dream playing with some of the best players in the world, working under an incredible manager in Sir Alex Ferguson, and most of all, playing for the greatest fans in world football," said Giggs.
"I am immensely proud, honoured and fortunate to have represented the biggest club in the world 963 times and Wales 64 times.
"United fans I hope will share and echo my belief that the club, the management and owners, are doing everything they can to return this great club to where it belongs, and I hope to be there every step of the way."
Executive vice-chairman Ed Woodward added:
"Ryan Giggs has been one of the greatest players ever to wear the red shirt of Manchester United.
"What he has achieved will never be equalled in the English game."
Long-time team-mate Rio Ferdinand added on Twitter: "So many gold medals he puts B.A. Baracus to shame! No player adapted their game as well & as effective as Giggsy."
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