A press conference has been scheduled for Wednesday, when Slater is expected to call it a day.
Slater's career has been in danger of finishing for the past six months after he was hospitalised with reactive arthritis in December.
Unable to walk for some time because of the disease, Slater took no part in the latter half of the Australian season for New South Wales.
At 34, he would have trouble forcing his way back in the NSW line-up and his hopes of a Test recall have vanished.
Slater made his Test debut on the 1993 Ashes tour to England and played 74 Tests, scoring 5,312 runs at an average of 42.83 with 14 centuries.
His top score was 219 against Sri Lanka in Perth in 1995-96.
He played 216 first-class matches over 12 years for Australia, NSW and Derbyshire, scoring 14,912 runs at 40.85.
Slater will be remembered as a shot-maker who formed one half of Australia's most productive opening partnership with former skipper Mark Taylor.