The former captain of the national side, who appeared in the World Cup final defeat against South Africa in October, revealed he has turned down England boss Ashton's invitation to play in next month's RBS 6 Nations.
Corry said he does not believe he can maintain his high standards in both international and domestic rugby.
"It's just a shame I am getting old," he said.
"If I could carry on for the next 10 years I would because I genuinely love playing for Leicester and England.
"Brian rang me to say they were going to name me in the 32 and asked if that was what I wanted.
"Unfortunately, I just can't keep doing it all.
"Something has to give if I want to keep playing to the required standard."
It means Ashton will be shorn of another experienced player following the retirements of Jason Robinson, Mike Catt and Lawrence Dallaglio for England's first match against Wales at Twickenham on February 2.
Corry has earned 64 England caps as well as six for the British Lions and was a member of the 2003 World Cup-winning side.
England head coach Brian Ashton paid tribute to Corry following his international retirement.
Ashton said: "From a purely selfish point of view, I am really disappointed that Martin Corry will no longer be featuring in a white shirt with a red rose because I know, as many others do, that he has worn it with pride and dignity for many years.
"He has been an outstanding member of the England rugby team both on and off the field over a long period of time and his contribution will be sorely missed.
"Martin has captained England on a number of occasions, often in difficult circumstances, and he has always led the side from the front in his own inimitable fashion.
"I wish him all the best for the rest of this season as captain of Leicester Tigers."