United manager Sir Alex Ferguson believes Giggs could play another two years - at the least.
But he told the Telegraph this could be his last campaign: "It could be, yes. I'm a similar mindset that I've been for the past couple of years: evaluate after Christmas, see how I feel, see what the manager thinks.
"If I'm not enjoying it, if I'm not contributing like I have done in the last couple of years then I'll finish. I'm 39 in November. I'm not worried by it [retirement]. It's been coming for a couple of years. But I'm still enjoying it. I still feel I'm contributing to the team.
"I speak to so many players who I played with, Brucey, Robbo, Denis Irwin, and they always say to me, 'Play as long as you can'. I imagine there's no substitute for the feeling you get playing, the adrenalin.''