Wallace will remain at CBS News as Correspondent Emeritus.
Wallace, who has been with the program since its inception in 1968, issued the following statement:
"I've often replied, when asked, 'I'll retire when my toes turn up.' Well, they're just beginning to curl a trifle, which means that, as I approach my 88th birthday, it's become apparent to me that my eyes and ears, among other appurtenances, aren't quite what they used to be. And the prospect of long flights to wherever in search of whatever are not quite as appealing."
"But CBS is not pushing me. I'll be in a comfortable office on the same floor - just around the corner from where I've holed up for the past 43 years - available, when asked, for whatever chore CBS News, 60 Minutes, the CBS Evening News have in mind for me.
"Plus, longer vacations, of course."
Wallace shared with CBS Evening News anchor Bob Schieffer what he thought of the job.
"To go around the world, to talk to almost anybody you want to talk to, to have enough time on the air, so that you could really tell a full story," Wallace said. "What a voyage of discovery it was."
CBS News President Sean McManus released the following statement:
"Mike Wallace is one of a few giants of broadcast journalism for whom a list of endless superlatives can't and don't do justice. From his genre-creating early days in radio to his standard-setting work on 60 Minutes for the past 38 years, and from datelines all over the world, Mike has completely embodied what good, tough, fair journalism should be over the course of his 60-plus years in the business. And he's broken more than his share of big stories along the way."
"I'm very pleased that he'll remain at CBS News as Correspondent Emeritus. There is no finer journalist from whom everyone in the news business can learn."
And 60 Minutes Executive Producer Jeff Fager issued this statement:
"Mike Wallace has been the heart and soul of this broadcast since he and Don started it almost four decades ago. Millions and millions of Americans have tuned in to 60 Minutes on Sunday nights over all those years to see him in action and to find out what questions he would be asking each week."
"I'm glad he'll be around to do an occasional interview. He's had such a powerful impact on all of us who work here, on how we conduct interviews and how we report stories, that there will always be a piece of Mike in everything we do."
as a newsman dates back to the 1940s, when he was a radio newswriter and broadcaster for the Chicago Sun. After serving as a naval communications officer during World War II, he became a news reporter for radio station WMAQ Chicago. He first joined CBS in 1951, left the network in 1955 and returned in 1963, when he was named a CBS News correspondent.