Haye's February 8 match against fellow Brit Tyson Fury will now be cancelled.
It's the second time Haye has had to pull out of the fight; he previously cancelled in September after sustaining an eye injury.
In a statement on his website, David Haye said:
“I genuinely believed the shoulder injury wasn't that bad...But the doctor sent me for a detailed MRI scan and within 24 hours I was told the full extent of the damage. Twenty-four hours after that I was in the operating theatre.
“It's a crushing blow for me. I had big plans for next year and the ultimate goal was to win back the world heavyweight title, something my amazing fans deserve.
"What I didn't anticipate was that this year would be the unluckiest of my career and that a number of injuries would disrupt my plans so much.
"Perhaps it just wasn't meant to be. The boxing Gods keep hinting that maybe enough is enough and that it's time to finally hang up my gloves.”
The boxer from Bermondsey tweeted this picture of him in a hospital bed last night with the message, 'I am truly gutted for my loyal fans'.
Haye's promoters say he had five hours of surgery in Germany last Thursday to reconstruct his right shoulder and in a statement say:
'[Haye] has since been told to seriously consider ending his glittering 11-year professional boxing career.
The operation was to the right subscapularis and bicep tendon attachments, both of which were ruptured.'
Former world heavyweight champion David Haye has had to postpone a Sept. 28 bout with fellow Briton Tyson Fury in Manchester after suffering a cut over his left eyebrow in training.
Londoner Haye was sparring with Croatian Filip Hrgovic on Friday when he suffered the wound that needed six stitches.
Promoters Hayemaker Boxing said in a statement that the stitches would have to remain in place for between five and seven days. No date was set for any rescheduled fight.
"Even when everything seems to be right on track, sometimes life throws you a curveball," said the 32-year-old Haye. "I will somehow have to try and make the best of this horrible situation. But, right now, I'm in bits about what has happened."
Haye's previous planned fight, against Germany's Manuel Charr, was cancelled in June when the Briton suffered a hand injury. He has not fought since July 2012, when he beat Dereck Chisora.
Boxing fans are counting the days until one of the most anticipated grudge matches in history - in a battle between north and south. David Haye versus Tyson Fury.
They'll have to wait until the end of the month to see if the Londoner can take his heavyweight Mancunian opponent.
Londoners David Haye and Dereck Chisora will come face to face today. The British heavyweights meet for the first time since their brawl in Munich following Chisora's defeat by Vitali Klitschko.
Our reporter Toby Sadler is at the press conference, which boxers David Haye and Dereck Chisora are due to attend together.
The journalists are waiting for the heavyweights to arrive, but note the fence!
The Luxembourg Boxing Federation have issued legal proceedings against the British Boxing Board of Control in the latest twist in the row over the decision to stage a controversial bout between British heavyweights David Haye and Dereck Chisora.
The fight, due to take place at Upton Park in east London on July 14, has been sanctioned by the Luxembourg federation, with neither Haye nor Chisora currently licensed by the BBBofC.