The Spurs will honor Parker in a ceremony Nov. 11 ahead of a game against the Memphis Grizzlies.
Parker played 17 seasons and won four NBA titles with the Spurs, before conluding his career last season with the Charlotte Hornets.
The French point guard was named to the All-NBA second team for three straight seasons from 2012-14 and the third team in 2009. He was a six-time All-Star and was named the MVP of the 2007 NBA Finals.
He is the Spurs’ all-time leader in assists with 6,829, and is second in games played (behind Tim Duncun) with 1,198 and fourth in points with 18,943.
Parker will be the 10th Spurs player to have his number retired, joining Bruce Bowen (12), Tim Duncan (21), Sean Elliott (32), George Gervin (44), Manu Ginobili (20), Avery Johnson (6), Johnny Moore (00), David Robinson (50) and James Silas (13).