The striker, who last played for Indonesian side Madura FC in 2017, announced the decision to hang up his boots at the Uefa Equal Game conference at Wembley.
"It's an emotional day, so many memories go through your head,” Odemwingie told the audience.
“It’s an emotional day, so many memories go through your head. I didn’t know how to do it or where to do it, but I think this is the right place to do it.
“Wembley is a place with a lot of history in football. The next chapter is slowly building up to a coaching career and hopefully I will be coaching in the Premier League one day,” he said.