The shock announcement means Queensland will have to appoint a new captain and hooker for the Origin series opener on June 6.
As a stalwart of the Maroons, Smith oversaw the greatest period of dominance ever seen in the series, with Queensland winning 11 out of the past 12 series.
"It's been a fairly lengthy process for me to come to this decision", Smith said.
"I probably started having small thoughts about finishing up my representative career past year".
"Last year, more than any other year, the Origin series in particular had an effect on me both physically and mentally", Smith told a news conference.
"I would like to think it does give me the opportunity to play on a bit longer in the domestic competition if that is the right thing for myself and the family and if it's the right thing for Melbourne Storm as well".
Smith's record as an Australian representative is just as formidable, captaining the Kangaroos to the 2013 and 2017 World Cups, and the 2016 Four Nations title.
Smith, who retired from representative football, would be among the leading contenders after the state's premier called for league fans to nominate the next player to be immortalised like Wally Lewis, Arthur Beetson and Darren Lockyer.
Maroons coach Kevin Walters joked he would have liked Smith to play on in "30-minute spells".
"He's been a great person for the game, more than anything else", Walters said.
He said regardless of whether or not he was the Queensland captain he would do his best to fill the leadership void left by the retirement of Cronk and Johnathan Thurston from their side.
Walters said it was fitting Smith's final Origin appearance in 2017 was one to remember.
"I love being involved in the game, love playing the game and this extra commitment of representing Queensland in the middle of the season and then representing Australia at the end of the year - it does take its toll".
Slater however looks more likely an option than Brisbane's Darius Boyd or North Queensland's Matt Scott.
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