"I wanted to step down while I know I can still do the job and proud of the job I've done," he said during a conference call.
The 71-year-old said he had been thinking about moving on for a couple of years. Fox executives visited him at his home in Florida this winter to discuss extending his contract, which expired after the 2013 season, and McCarver already had made up his mind.
The former All-Star catcher has worked 28 consecutive Major League Baseball postseasons on network television dating to 1984, providing analysis for a record 23 World Series.
In 21 big league seasons, McCarver hit .271 with 97 home runs and 645 RBI. He won the World Series in 1964 and 1967 with the St. Louis Cardinals.
McCarver got his start in broadcasting in 1980 with the Philadelphia Phillies and NBC's game of the week. He has also called local games for the New York Mets and Yankees and the San Francisco Giants.
McCarver later worked for ABC and CBS before joining Fox in 1996.
Last year, he was honored by baseball's Hall of Fame with the Ford C. Frick Award for major contributions to baseball broadcasting.
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