The former England international first announced his retirement in the summer of 2011, but returned to the Red Devils' first team just six months later.
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"It's probably not the season I would have liked to have gone out on but the last four months have been quite difficult with injury, with my knee, trying to get back fit again," Scholes told Sky Sports.
"I'm totally convinced [this is the right decision]. I was convinced last time, at the time you are, I know now in my head I've gone as far as I possibly can physically. I think this will be the end... again."
Scholes played over 700 games for Manchester United in all competitions, scoring 155 goals. He also was capped for England 66 times before retiring from international football in 2004.