Speaking to the Official Club Website, breaking the news Town boss Joe Royle said: "The skipper loves this football club and was leading the boys around the training ground on the first day back in training on Friday with as much enthusiasm as ever.
"But he's asked for a little more time to make a decision on what is a crucial year for him.
"He's 36 and at a crossroads in his career really. He has to make up his mind whether he wants to carry on playing or move into coaching, or perhaps try and combine both and that is the big question for him at the moment.
"It's got nothing to do with the playing side here because as I said, he loves this football club. He has to look at what's ahead for him.
"He's had a serious offer from elsewhere to take on a player coach role and has asked me for a little more time to weigh up in what direction he needs to go over the next 12 months.
"I hope he stays because he's a terrific player and has been a great influence on the team since I've been here but we will give him the time he needs to make that decision."