The South African midfielder made almost 230 appearances for the Blues over two spells between 2007 and 2016 after joining from Borussia Dortmund, initially on loan.
At the peak of his abilities he formed a renowned and effective partnership down Everton's left flank with Leighton Baines but his latter years with the club were blighted by a succession of injuries.
He left Goodison Park 18 months ago to join Sunderland where he managed only 15 games before moving back to his native South Africa to join Bidvest Wits.
Further injury restricted him to just a handful of appearances and he has taken the decision to hang up his boots after almost 20 years as a player.
In a video posted to social media, Pienaar hinted at new initiative in which he will be involved following his retirement:
It's been an amazing ride made more special by you, the fans. Thank You. It's been an honour. 🙏🏽⚽️ pic.twitter.com/qsy4bZCLjT— Steven Pienaar (@therealstevenpi) 28 February 2018