McNabb and Eagles owner Jeffrey Lurie will hold a news conference at the team's facilities at 10 a.m. ET on Monday.
McNabb had said in May that he would retire with the Eagles but the team had not confirmed his plans until Sunday.
He will be honored by the Eagles at halftime of their Sept. 19 game against the Kansas City Chiefs, coached by Andy Reid, his former coach when he played in Philadelphia.
He told The Philadelphia Daily News last week that he "wouldn't care" if he is booed by Eagles fans, who had a love-hate relationship with McNabb when he was with the team.
"To me, it's an appreciation for the people who truly respected what I did. I've always lived by the motto that you can't please everyone. So, for me, if I get booed, it wouldn't be anything new. If they cheer, that would be great. Obviously I'll be out there with my family and the teammates I played with. If there are any boos, I will smile," he told the newspaper.
The Eagles started practice at Lincoln Financial Field on Sunday by introducing several players on Alumni Day, including McNabb, who drew the loudest cheers, slightly edging Brian Dawkins.
"The reception was great," McNabb said Sunday. "It was awesome. I enjoyed being back."
McNabb went 92-49-1 with the Eagles and holds the franchise records for completions (2,801), passing yards (32,873) and passing touchdowns (216).
McNabb led the Eagles to five NFC Championship Game appearances and Super Bowl XXXIX, where Philadelphia fell to the New England Patriots. His time with the team ended unceremoniously, however, when he was traded to the Washington Redskins before the 2010 season.
McNabb, 36, last played in 2011, appearing in six games for the Minnesota Vikings before being released and sitting out the rest of that season after failing to find another NFL employer. He attempted to hook on with a team before last season but again went unsigned.
He finishes his career 17th on the NFL's career passing list with 37,276 yards and 22nd in touchdowns with 234.
Information from The Associated Press was used in this report.