Inglis is struggling both physically and mentally from the constant setbacks and will meet with Wayne Bennett, Shane Richardson and Blake Solly tomorrow.
The premiership victor is reportedly in line for an ambassador role with the club, while the NRL is also considering bringing Inglis on board due to his massive service to the game.
The former Queensland and Kangaroos representative will continue to work with the club in a variety of different roles, including in the football department. However today's announcement brings that timeline forward significantly, drawing an immediate end to one of the all-time great footballing careers in Australian history.
Greg Inglis of the Rabbitohs looks on during the round two NRL match between the St George Illawarra Dragons and the South Sydney Rabbitohs at Netstrata Jubilee Stadium on March 21, 2019 in Sydney, Australia.
"I got told about my Pop having signs of dementia and I thought it was about time that I spent time back home with my family and just make sure I'd be around for them".
Inglis said he told teammates about his plans to hang up the boots on Saturday after their win over the Warriors on the Sunshine Coast. There has been a lot of speculation but as of today it's official.
My teammates are here. This club has given me everything, every opportunity. I've been contemplating it for a while now.
Inglis missed most of the 2017 season after rupturing the anterior cruciate ligament (ACL) in his knee just eight minutes into the opening round, before he played on for nearly another hour.
"If I went from the Melbourne Storm (salary cap) saga to the Essendon drugs saga".
My Dad was a legend to me and he still is and unbeknown to me he jumped on a train and turned up here this morning to be with me. I didn't think it was real so I punched him in the chest and he cried. "Once my mind is clear then I know where I'm going and what's ahead of me and that is pretty much why I called it quits previous year".
"No-one else has called it but myself", Inglis said in a teary press conference.
"I'm happy with my decision".
"I've been active in Souths Cares and I'm keen to learn more about the community and administration side of the Club, so working with Alisha and Blake is a ideal way to do that". My journey's only just starting now.
Inglis played 39 Tests for Australia and 32 State of Origin games as he built a reputation as one of the most devastating attackers the game has seen.
Bloody huge effort all around.
One of the all-time greats, Inglis notched 263 first-grade games, including 146 for the Rabbitohs and 117 for the Melbourne Storm.