England's World Cup winning captain has retired from international cricket.
England reached the top of the one-day and Twenty20 rankings under Morgan's leadership.
It has not been an easy decision, but Morgan believes now is the right time to make it.
The 35-year-old, who took charge of the T20 side in 2012 and one-day side in 2014, has struggled for form and fitness recently.
A decision on who will lead England in Morgan's absence will be made later in the week.
The T20 World Cup in Australia begins in October with England facing India in a three-game series.
Morgan is England's leading run scorer in one-day and T20 cricket with 6,957 and 2,458 runs respectively.
His total of 115 T20s is an England record, as well.
"To call time on what has been without doubt the most enjoyable and rewarding chapter of my career hasn't been an easy decision, but I believe now is the right time for me to hang up my gloves."
I am hugely proud of what I have achieved as a player and captain, but the memories I made with some of the greatest people I know along the way are the ones that will stay with me the rest of my life.
I've played in two World Cup winning teams, but I think the future for England's white-ball teams is bright. We have more strength and experience. I can't wait to watch with a lot of excitement.
Morgan plans to captain London Spirit in the second season of The Hundred in August and will continue to enjoy playing at a domestic level.
When England were knocked out of the World Cup in the group stages, the left-handed skipper took over from Cook.
England broke the record for the highest one-day total three times thanks to his new approach.
They achieved that feat most recently in making 490-162 against the Netherlands last week, but Morgan missed the third and final one-dayer with a groin problem, and he made ducks in his two previous knocks.
Rob Key thanked Eoin Morgan for his contribution to the game.
It will be wrong to think that the World Cup win was the end of the story for Eoin.
He has changed the way the game is played and the way generations to come will play it. His legacy will be felt for a long time.
He is the best leader I've ever seen.