Rooney, 92, will make his formal announcement on Sunday. It will be his 1097th 'A Few Minutes with Andy Rooney' commentary.
Prior to his farewell segment, Rooney will look back on his career in a retrospective with Morley Safer.
"There's nobody like Andy and there never will be," Jeff Fager, CBS News chairman and '60 Minutes' executive producer, said in a statement. "He'll hate hearing this, but he's an American original. His contributions to '60 Minutes' are immeasurable; he's also a great friend."
Rooney will probably not be replaced and '60 Minutes' will always welcome him back.
"It's harder for him to do it every week," Fager said. "But he will always have the ability to speak his mind on '60 Minutes' when the urge hits him."
Rooney began his run with '60 Minutes' in July 1978. His first assignment was about the automobile fatalities during that year's Independence Day weekend. He became a regular in the fall of 1978.
Tell us: Will you miss Andy Rooney?