The 30-year-old has undergone a series of operations since suffering a knee injury while on loan at Birmingham in October 2016 but has been unable to make a full recovery.
"This isn't something I ever thought I would have to write at the age of 30, but due to the injury I sustained in October 2016 I am unfortunately not able to continue with the job I love to do," wrote Wiggins in an open letter to Cherries fans on the club's website.
"I have been battling for the last two years, doing everything possible to get back out there, but my knee just won't allow me to do so.