The 34-year-old former player of Barcelona and Villarreal held back tears when he told teammates and club officials about his plans early Thursday after the defeat.
Corinthians defeated Boca 2-0 in Sao Paulo to take the two-legged final 3-1 on aggregate and claim its first Libertadores title, the top prize in Latin American club football.
Riquelme has been frequently sidelined the past several seasons with knee and leg injuries. He suggests he might play with another club but offered no details.