Trent Boult has been released from his New Zealand contract in order to spend more time with his family and play in domestic leagues around the world.
As a result the bowler, 33, will have a "significantly reduced" role with his country, New Zealand Cricket said.
Boult has taken 317 wickets in 78 Tests and is currently top of the one-day international bowling rankings.
He said it has been a "really tough decision" but "the time is right to move into this next phase".
"I still have a big desire to represent my country and feel I have the skills to deliver at international level," Boult said.
"However, I respect the fact that not having a national contract will affect my chances of selec tion.
"Ultimately this decision is about my wife Gert and our three young boys.
"Family has always been the biggest motivator for me and I feel comfortable with putting it first and preparing ourselves for life after cricket."
New Zealand Cricket said it respected Boult's decision.
"He's been completely honest and up-front with us about his reasoning and, while we're sad to be losing him as a fully-contracted player, he leaves with our best wishes and our sincere thanks," said chief executive David White.
"We've had several conversations and I know Trent understands that, in terms of selec tion, NZC will continue to make a priority of those players with either central or domestic contracts."
Boult has played for the Black Caps since his Test debut in 2011 but he and the other New Zealand players are likely to make far less financially than those from the other, bigger nations.
Boult has also been a regular in the Indian Premier League, where players are paid large sums.
His move comes amid increasing discussion around the packed international schedule, with England Test captain Ben Stokes saying there is "too much cricket".
Stokes quit one-day internationals last month to prolong his Test and Twenty20 career.
BDST: 1223 HRS, AUG 10, 2022