The 33-year-old is the most-experienced active player in the competition having amassed 314 appearances across a career which began in Melbourne in 2008.
After his stint with the Storm and more than 200 games for Canterbury, Tolman spent the last two seasons with the Sharks.
Currently third on the ladder, the Sharks are hoping to win their last two games - starting with Saturday's hosting of the Bulldogs at PointsBet Stadium - to secure a top-two finish and guarantee themselves a home semi-final.
"We've still got a few games to go and I'd really like to go out on a high," Tolman said.
"It was difficult (telling my teammates) it's been such a good year here because we are enjoying our footy and it's hard to say goodbye to that environment.
"I know the time is right and I'd much rather go out (when) my body is good and I'd rather go out happy winning games than the other way."
Tolman started in the Storm's 2009 grand final win, which was later stripped from the club and also appeared in the Bulldogs' 2012 and 2014 grand final losses.
Tolman, who was born and raised on the NSW mid-north coast, said he hoped to move into a development role in country NSW and mentoring bush kids coming to the city.
The workhorse prop joins fellow front-rower Andrew Fifita in announcing he will depart the club this week, although Fifita has indicated he may look to play on.
It leaves coach Craig Fitzgibbon short of two reliable props as well as highly rated prospect Franklin Pele who joins Canterbury next year.
The Sharks mentor paid tribute to the careers of Tolman and Fifita but said his side could not be distracted by the emotion as they seek to displace the North Queensland Cowboys from second spot.
"Andrew and Aiden have coached our young players and nurtured them," he said.
"The level of consistency they have both played with (this year) has been impressive.
"We want to make sure come the semi-finals we are in the strongest possible position and we've got an occasion this week for Andrew and Aiden.
"The most important thing is the actual contest, we need to honour the occasion by how we perform.
"It's the acknowledgement of two great men and their careers. The energy should be one we can draw on to play strongly."
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