Rhine will end his 10-year career with FC Dallas after Sunday's season finale at the Los Angeles Galaxy.
The sixth pick in the 1999 draft, Rhine has played 211 games for FC Dallas, second in team history behind Jason Kreis.
The 32-year-old is third on the team's career list with 34 assists and seventh with 23 goals.
"I've had five coaches, hundreds of teammates, and I've met thousands of loyal fans," Rhine wrote in a letter released by the team. "It's these people that have kept me motivated and striving for perfection in every game and in every season."
FC Dallas was eliminated from the playoffs for the first time in four seasons in Saturday's 3-1 loss to Real Salt Lake.