Novick was set to leave the firm last year but reversed her decision to retire after the COVID-19 pandemic roiled financial markets.
The Wall Street Journal reported Novick's retirement earlier in the day.
BlackRock informed employees Novick will transition from her role as vice chairman to become a senior advisor on Feb. 1.
(Reporting by Sohini Podder in Bengaluru; Editing by Krishna Chandra Eluri)