The 37-year-old has called time on his career after 19 consecutive seasons at the highest level.
Patricio joined Wolves in 2018 after Nuno Espirito Santo’s side had secured promotion back to the Premier League and he was installed as number one straight away.
He left Wolves in 2021 after a hugely successful period at the club, making 127 appearances.
Before his spell in England the goalkeeper had made 467 appearances for Portuguese side Sporting, after coming through their academy and playing in the first team for 12 years.
Patricio left for Italy after Wolves and had spells with both Roma and Atalanta before moving to Abu Dhabi to play for Al Ain.
He only signed a short-term contract with them in May this year and played twice, before now announcing his retirement from the game.
His career comes to an end after 731 appearances for five clubs and 108 caps for Portugal, where he won the 2016 Euros and 2018/19 Nations League.
Wolves posted on social media saying: “Hanging up the gloves. Congratulations on a fantastic career, Rui. It was our pleasure to have you here.”
Portuguese superstar Cristiano Ronaldo also commented, saying: “Thank you for everything, Rui, and congratulations on your remarkable career.”