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Ponting, 37, was the most successful Test captain in the history of the sport. He played in 168 Tests and 375 one-day internationals for Australia and won the ICC World Cup three times, twice as skipper.
"His contribution to the international game has been immense and quite rightly he will be remembered as one of the true legends of the sport," ICC Chief Executive David Richardson said in a statement.
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"Ricky was a team man but along the way collected many personal accolades and is the only player to have won the Sir Garfield Sobers Trophy for Cricketer of the Year at the LG ICC Awards for two years in succession (2006 and 2007).
"We wish him well in the next stage of his career and look forward to his ongoing involvement in the game beyond the boundary," Richardson said.
Ponting was out for eight against South Africa in his final Test innings as Australia suffered a 309-run defeat in Perth.
However, he finished his 17-year career as the second highest Test run scorer behind India's Sachin Tendulkar with 13 378 runs at an average of 51.85.
