"It's a bit of a rip the bandaid moment. Transitioning is never easy but there's so much stuff I want to do off the field … I guess there's another life I want to pursue.
"I'm not old, I'm 31, and no doubt I believe I could contribute on the field.
"But I really want to dedicate my 30s to embark on this journey to create something pretty special. What that is I haven't quite nailed it, but I know it's going to be good and it's going to be fun."
Earl played 56 first grade games after making his NRL debut for the Sydney Roosters in 2009.
His career was hampered by a four-year suspension for using performance enhancing substances, but the Storm granted him an opportunity to return to the NRL in 2018.
Plagued with injury, Earl has played eight games in the past two seasons, scoring three tries for Melbourne.
Because of the coronavirus pandemic, Earl was limited to just a couple games this year.
Born in Wellington, Earl also played one match for the New Zealand Māori rugby league team in 2010.