Sportski Zurnal quoted the Inter Milan midfielder as saying last night's 1-0 loss to Slovenia heralded the end of the road for him.
"For me it was my last competitive match for the national side. I'll still have a farewell match, but then it's goodbye," the newspaper quoted the veteran as saying.
Stankovic made his debut in 1998 in a 3-1 win over Korea Republic in Belgrade and has won 102 caps, a joint national record with former striker Savo Milosevic. He also netted 15 goals.
Manchester United centre-back Nemanja Vidic - who had a penalty saved against Slovenia - is also thinking of retiring from the national side at the age of 30, judging by his remarks after the match.
"It is time to bring on younger players in the national side - some of the old-stagers should retire from the team," said Vidic, who made his debut in 2002 in a 1-1 draw with Italy and has won 56 caps.