McElroy could pursue a television or radio career.
"At this time, I would like to announce my retirement from the NFL," McElroy wrote on Twitter. "The future is bright and exciting things are on the horizon."
McElroy was on the Bengals' practice squad last season.
He was released by the Jets with an injury settlement prior to last season.
He played collegiately at Alabama.
The Bengals just signed backup quarterback Jason Campbell.
Follow me on Twitter: @RavensInsider
Aaron Wilson covers the Ravens for The Baltimore Sun