Wells' seven-year, $126 million contract expires in two years and he is owed $42 million over that time period. Wells batted .230 with 11 home runs and 29 RBI in 77 games last season.
He says he has a very good reason for leaving the game when he is 35.
"My kids," Wells said to MLB.com. "It'll be time to invest more in their lives. I've gone through this for long enough. My thoughts right now as a family is to be done after two years, enjoy them, get to be there for them in those years where they're going to need their dad every day, not just every now and then."
Wells wants to return to his home in Southlake, Texas, long-term so he can be a full-time father and also would be interested in owning a major league team one day.
"It's definitely something we're interested in doing once we're both done playing," Wells said. "It's fun, man. Instead of playing fantasy GM, you're actually putting together your own team and learning what it takes to pretty much make money in an organization, especially in the Minor Leagues. Because sometimes you're only going to get 500, 600 people in a game, but you have to figure out ways to get fans in the stands. That's part of the business."