The 30-year-old made 14 appearances for Danish side AGF and has previously revealed the idea of moving into a coaching role after his playing career is over.
Injuries, however, would prove a consistent part of his career and Arsenal took the decision to release him in the summer of 2018.
Capped 34 times by England and part of the squad for Euro 2016, Wilshere also played for Bolton, Bournemouth and West Ham before moving to Denmark.
Standard Sport understands Arsenal have held talks with their former star in regards to a coaching at either their U18 or U23 sides.
Announcing his retirement on Twitter, Wilshere wrote: “Today I am announcing my retirement from playing professional football.
“It has been an unbelievable journey filled with so many incredible moments and I feel privileged to have experienced all that I did in my career.”