After a playing career spanning 15-years, the 32-year-old has decided to hang up his boots after two spells with the Spireites.
Starting his career as a youngster at Sheffield Wednesday, he went on to play for Scunthorpe United, Luton Town, Plymouth Argyle and Portsmouth.
"It is with a heavy heart that today confirms my retirement from professional football," he wrote in an open letter on the club's website.
"This is not a decision that has been easy to accept, quite the opposite. I consider myself extremely fortunate, however, to have had the opportunity to live out my boyhood dream of playing professional football for 14 seasons."
Following Talbot's decision to call it day, Chesterfield announced he would be offered a testimonial and that he will now take up an ambassadorial role with the club.
“Drew is very much a part of the Spireites family, having served the club with distinction over many years," Spireites chief executive Graham Bean said.
"He is a club legend and we feel that his loyal service should be recognised in this way."