Victory is in a major rebuilding phase after its failure to defend its A-League title this season and Thompson, the most decorated player in the competition, will play no part in its future.

While Thompson will part company with Victory he may not be lost to the game as he intends to carry on playing.

The emotions were too high and the wounds too raw for him to talk about his immediate plans, whether he hoped to find another A-League club, an opportunity in one of South East Asia's developing leagues or at NPL level.

But he insisted he has more to offer if given the chance.

"It's very emotional. I had a meeting yesterday with Kevin (coach Kevin Muscat) and we sat down and we have had a couple of weeks to talk it over. I respect Kev and the club's decision not to sign me on for next season," he said as he shared a platform with his former team-mate and now coach and Anthony Di Pietro, the club chairman.

"I have had an amazing run. I was in bed last night rehearsing this and I was even a mess then.I have had an incredible time at Victory," he said.

"As a player and athlete you want to win medals and trophies, you want to be remembered, but for me its never been about that. I want to be remembered for putting smiles on kids and supporters faces.

"I can hold my head up high knowing I have given everything."

When asked if this was the end of his playing career he stressed that he still feels he has something to offer.

"(It's) not at all retirement, I still feel there's something to give."I still have to come to terms with the fact that I won't be walking out on AAMi Park and hearing the chants of Archie Thompson which has always been special to me.

"We have got a big game on Tuesday (an Asian Champions League qualifier against Gamba Osaka). Its a massive opportunity for myself to leave the club on a high. We have never gone through a group phase in the ACL. After that I will reassess where I want to go and what I want to do.

"Its going to be difficult knowing that could potentially be the last time I step out on AAMI Park. I will be telling the boys to give me at least two more games.

"I still feel good, I will have to see after this. I have to come to terms with the fact that I am not going to be at Melbourne Victory."

As the tears flowed, Thompson said that leaving his friends in the dressing room was the most difficult part of his decision.

"Telling my team-mates was always going to be the hardest. Hopefully I have left a legacy on this club."

Thompson may have won everything there is to win, but he said it was not the trophies or the personal achievements that mark his career. "Its not about stuff that happens on the pitch. Its about what it brings off the pitch. I have had some special moments with kids, some who have passed away, whose lives I would not have had an opportunity to be part of if it wasn't for Victory."

Muscat said the place would not be the same without Thompson. "It will seem strange next year. Its a lot deeper than winning trophies and the time he has spent here. He will leave a massive footprint. what he has been able to achieve with this club is unprecedented, and it will never be repeated."

"There are so many memories...how can you look past the Grand Final, five goals. The biggest thrill for Archie has been able to give joy to so many people.

"Success is defined by trophies, but the biggest legacy Archie will leave behind is the amount of joy he has given to people and the fact that he has contributed heavily to what this club is today."

Di Pietro added: "Archie will be part of this club for ever."

The 37-year-old was a member of the inaugural Victory squad assembled by Ernie Merrick in 2005, and he has been the club's talisman ever since, winning three championships, more than 50 Socceroos caps and two Victory medals as well as a Golden Boot.