Campbell (46) won the US Open at Pinehurst in 2005 - becoming one of only two New Zealanders to win a major.
Campbell told Radio Sport this morning that now was the right time to walk away from the game that he had played for almost 40 years.
"It's been a very difficult transition for me," Campbell said.
"All of my friends who are the same age as me are still out there competing and doing well. It makes you wonder maybe I should go back and play but right now I have got no motivation to play. I have played golf for almost 40 years and that is a long time. I have played professionally for 20 years and that is a long time.
"I have no complaints to walk away from the game that has given me such a wonderful life but it's been a very hard decision."
He said the US Open win was still fresh in his memory.
"Obviously 10 years ago was something special for me and for the country and for golf itself. I fulfilled one of my dreams to win a major and it was fantastic.
''But as everyone knows, it has been well documented, my career since then hasn't been great. But if I walk away from the game right now I could be very proud of my achievements."
