The band, who are now all in their 70s, are well known for hits such as Dream On, Walk This Way and I Don't Want To Miss A Thing.
They broke the "earth-shattering" news in a star-studded video on Monday, featuring celebrity pals including Sir Ringo Starr, Dolly Parton and Eminem.
"It's not goodbye it's peace out!" they declared in a joint statement.
"Get ready and walk this way, you're going to get the best show of our lives."
