Gipson announced his decision Tuesday on Twitter, where he thanked fans for voting for him. The 24-year-old was named to the AFC squad despite playing in just 11 games. He missed the last five games after spraining a medial collateral ligament on Nov. 23.
At the time of his injury, Gipson led the NFL with six interceptions. He's eligible to become a restricted free agent in March.
Gipson was the first undrafted Browns player to make the Pro Bowl since linebacker Mike Johnson in 1991.
Cleveland will have three players in the Pro Bowl: offensive tackle Joe Thomas, making his eighth appearance; cornerback Joe Haden, who will serve as a captain; and safety Donte Whitner, added earlier this week to replace Seattle's Earl Thomas.
AP NFL website: www.pro32.ap.org and www.twitter.com/AP-NFL