The 30-year-old went on to make 70 appearances for the Tigers after making the switch from Newcastle in 2008.
Woods went on to win two Premiership titles, while he scored a try in the Heineken Cup final defeat to Leinster in 2010.
However Woods told the club's official site: "It is a very difficult decision to stop playing, but I have enjoyed playing the game professionally and Leicester Tigers is a great club.
"The coaching staff here showed a lot of faith in me and gave the opportunity to win trophies, which is what every player wants to do.
"I would like to thank everyone at Tigers for their support in my time at the club and I wish them well in the new season."
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