The former Super Bowl-winning coach was a part of NFL broadcasts for 30 years and won 16 Emmy Awards. Madden had been on air for NBC's Sunday Night Football since 2006.
"It's time, I'm 73 years old," Madden said in a written statement released by NBC. "My 50th wedding anniversary is this fall. I have two great sons and their families and my five grandchildren are at an age now when they know when I'm home and more importantly, when I'm not."
He added: "The NFL has been my life for more than 40 years, it has been my passion - it still is."
Dick Ebersol, chairman of NBC Sports, stated that he spent time with Madden yesterday "to make sure he was sure about his decision".
"In true John Madden fashion, he was sure. He said it best when he simply said 'it's time' and I admire him for that," Ebersol said.
In addition to his awards for broadcasting, Madden is also a member of the Professional Football Hall of Fame. As a coach, he had a career record of 103-32-7.