The 38-year-old picked up an injury in January and has not featured for the Red Devils since then, making only 14 league appearances in Manchester United's title-winning campaign.
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|17/5||Paul Scholes is 17/5 with BetVictor to score anytime against Swansea
“Paul is a truly unbelievable player. He has always been fully committed to this club and it has been a real privilege to work with him for so many years," he told the official website.
"Paul will play at Old Trafford on Sunday against Swansea and will collect an unbelievable but well-deserved 11th Premier League medal."
Scholes, who retired two years ago only to make a dramatic return six months later, also paid testament to his manager's influence, while he predicted a similarly successful reign for new manager David Moyes.
“Yes, I am finally hanging up my boots for good! Playing football is all I have ever wanted to do, and so to have had such a long and successful career at Manchester United, under the greatest manager of all time, has been an honour," he told the official website.
"The team has the right balance and will continue to thrive under the leadership of David Moyes.”