The 36-year-old has announced the title decider starting on Thursday against Western Australia in Perth will be his 166th and final first-class match.
Wade will continue playing white-ball cricket and is likely to be part of Australia's squad for the Twenty20 World Cup in June.
He is expected to hold a press conference on Friday morning.
Hobart-born Wade has won four Shield titles with Victoria, including two as captain, but hasn't tasted success with his home state.
He played 36 Tests for Australia, averaging almost 30, in a career spanning from 2012 to 2021.
Wade lost his Test wicketkeeping spot to fellow Tasmanian Tim Paine for the 2017/18 Ashes series, but returned to play against England in 2019.
He has scored 9183 runs at an average of almost 41 and picked up 463 dismissals in a first-class career that began in 2007 and included stints with English club Warwickshire.
Wade told teammates of his decision before Tasmania's loss to South Australia in their final Shield game of the regular season.
He has developed into a finisher in the shorter formats in recent years, and posted a match-winning knock in the 2021 T20 World Cup semi-final on Australia's path to the trophy.
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