Petrov has been in excellent form for Villa this season in playing a major role in their push for a Champions League spot.
But he will be 32 by the time of the next Euro finals in Poland and Ukraine.
The former Celtic player said: "No doubt people have noticed that Bulgaria are in the same qualifying group as England for the European Championships!
"I can confirm this will be my last international qualifying competition.
"The fact we will not be involved in this summer's World Cup will make us all the more determined to qualify."
Petrov, in his fourth season at Villa, made his international debut 12 years ago and has won 91 caps, scoring eight goals.
He quit playing for his country once before in 2006 after a fall-out with coach Hristo Stoichkov but returned to the international fold the following year.
Petrov is currently battling to overcome an ankle problem suffered in last night's draw with Manchester United in a bid to be fit for Sunday's FA Cup fifth-round clash at Crystal Palace.