The 34-year-old Cypriot has been granted a main-draw wild card for the third grand slam of the year.
Baghdatis achieved a career-high ranking of eighth in 2006, having reached the Australian Open final that year, losing to Roger Federer in four sets.
A 2006 Wimbledon semi-finalist, Baghdatis won four ATP titles in his career, the most recent of which occurred in 2010.
Baghdatis, who revealed he would remain involved in tennis after retirement, said on his website: "This decision was not an easy one. It has proven tough for me, especially physically, to come back to where I feel like I belong.
"Even though my mind wants to do it, the limits of my body have prevented me to maintain and play at a consistent high level as I expect from myself."