He will be replaced by Vikings quarterback Teddy Bridgewater, Minnesota announced.
Palmer, who threw four interceptions and lost two fumbles in his team’s 49–15 loss to the Carolina Panthers in the NFC Championship Game on Sunday, made the announcement during locker room cleanout Monday.
Cardinals head coach Bruce Arians insists the injury didn’t impact the 36-year-old signal caller’s performance in the playoffs.
“Watching him throw for the last two-and-a-half weeks, it really didn’t,” Arians said Monday.
Palmer, who is a Pro Bowl selection for the first time since 2006, passed for 4,671 yards and 35 touchdowns this season.
The NFC West champion Cardinals finished the 2015–16 season with a record of 14–4.