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The Gambian had a brief spell at Portman Road in the second half of 2017/18, making eight appearances for the Blues, scoring once.
Carayol has decided to hang up his boots to end his 20-year professional career which started at MK Dons, before spells at Crawley Town (loan), Torquay United, Kettering Town (loan) and Lincoln City.
Mustapha Carayo, pictured during his spell at Middlesbrough, made over 450 senior appearances. (Image: PA)
A move to Bristol Rovers followed, where he really made his name, before securing a move to Middlesbrough, then had stints out on loan at Brighton, Huddersfield Town and Leeds United.
Carayol, who scored two goals in seven games for his country, spent time at Nottingham Forest prior to his move to Suffolk, before stints in Cyprus and Turkey, with Apollon Limassol and Adana Demirspor.
The pacy wideman returned to English football in 2021, playing for Gillingham, Burton Albion, Exeter City and Wealdstone, finishing his career at Peterborough Sports last season.
Mustapha Carayol celebrates scoring for Ipswich Town at Deepdale. (Image: NQ)
Writing on his Instagram account, Carayol said: "From where it all began at the Damiola Taylor centre in Peckham to a 20-year career in football, what a journey it's been.
"After two decades, this chapter of my life has finally come to an end. I've learned so much along the way and will forever be grateful for everything football has given me.
"I got to live my dream of playing for my country. I wish I'd done it earlier, but standing out there on the pitch, my family in the stands and Gambians cheering my name, is something dreams are made of.
"To every teammate and staff member I've shared a changing room, a training pitch, or a bus journey with, you've all been part of this story. To my family, none of this happens without you. Your love and support carried me every step of the way.
"And to my son, getting to play with you watching was always my dream. I'm so grateful it came true. Above all, I'm grateful to be walking away from the game healthy, happy, and proud of everything I've experienced.
"It's been a journey I'll never forget. Although my playing days are over, my journey in football continues. I've always had passion for helping younger players, whether that's sharing advice or experiences in the changing room.
"Now I'm looking forward to taking that passion into football agency, helping players navigate their careers and prepare for life beyond the game.
"Thank you to everyone who has been a part of it. I appreciate you all."