Renteria's agent, Barry Meister, said that Renteria will not file retirement papers and remains open to playing again.
Renteria, 35, has played 16 seasons in the Majors with the Marlins, Cardinals, Red Sox, Braves, Tigers, Giants and Reds. He played in 96 games for Cincinnati last season, hitting .251.
Meister told Rosenthal that two teams offered Renteria a Minor League contract for the upcoming season but Renteria opted not to accept either deal.
Brewers general manager Doug Melvin said on Wednesday that one of those offers came from Milwaukee.
"It had nothing to do with the teams," Meister told Rosenthal. "It just had to do with the feeling that this might be the right time."
The Brewers are relatively thin at shortstop, with free agent pickup Alex Gonzalez expected to start and non-roster invitee Cesar Izturis the most likely backup.
"I don't blame [Renteria] for saying no," Melvin said. "He was a World Series MVP two years ago."
Renteria, one of the most prolific players to come out of Colombia, burst onto the scene with the Marlins in 1996, finishing second in the National League Rookie of the Year Award balloting. The following season, he helped lead the franchise to its first World Series championship, knocking in the winning run with two outs in the bottom of the 11th inning of Game 7.
Renteria was named 2010 World Series MVP after hitting .412 with two home runs to help lead the Giants to their first championship since moving to the West Coast.
Renteria, a five-time All-Star and two-time Gold Glove Award winner, is a career .286 hitter.