Lawrence Dallaglio confirmed his plans to retire from all rugby at the end of this season and admitted: "The biggest thing I will miss is winning".
The former England captain has also retired from international rugby with immediate effect after winning 85 Test caps.
Dallaglio, 35, has enjoyed remarkable success at both club and international level during a 17-year career which has spanned the amateur and professional eras.
He cites the British and Irish Lions series victory over South Africa in 1997 as the pinnacle of an international career which also included two World Cup finals.
At club level, Dallaglio has been central to the most successful era in Wasps' history, captaining the club to a hat-trick of Premiership titles and two Heineken Cup triumphs.
"It has been a huge honour to play with the Wasps club since 1990 and be part of a successful team," said Dallaglio.
"I have played for England since 1995 with and against some of the best players in the world. I am hugely privileged and honoured to have done that, to have captained England and to have been part of a very successful England side.
"I will miss playing rugby. I will miss the challenge of going up against some of the best players in the world. There isn't a better feeling you can get than winning a game of rugby alongside your team-mates.
"That feeling is what the game is all about - having struggled very hard and achieved a challenge together. Winning is what I shall miss."
Dallaglio has long-terms plans to enter into coaching but more immediately he will step away from the rugby at Wasps and help develop the club off the field.
"I plan to maintain a link with the club. After 17 years here you can't just walk out of the door," he said. "I hope to assist the club in various capacities, whether it is marketing, commercial or at some stage in the future maybe even on the field.
Dallaglio maintained his decision to retire from England with immediate effect was because "the time is right" and is not at all related to his criticism of head coach Brian Ashton following last year's World Cup.
"I know a lot of people will look at the recent World Cup and events afterwards but it was always my intention to retire from rugby at the end of this season," he said.
Ashton paid tribute to Dallaglio's contribution to the game saying: "Lawrence has made a massive and influential contribution to his country and to London Wasps and I wish him all the best for the rest of this season and the future."
RFU president Bob Taylor added: "The fact that Lawrence is the second most capped England player of all time alongside Rory Underwood shows how big a part he has played in the team since 1995.
"He is a huge rugby icon both on and off the field and on behalf of the Rugby Football Union I would like to thank him for his part in English rugby history."
