Speaking to the Official Club Website, the former Northern Ireland international said: "I've been away for a week or so and will now sit down with family and the people I trust and look at what lies ahead for me.
"It's taken me a while to get the disappointment of the Play-Offs out of my system, to be honest it's still there. But I know I have a big decision to make and it will be occupying my mind now and at the moment, I have no idea what way it will go.
"I love this Club and have had so many happy years here. The fans are terrific and have given the players so much support and I've said before many times that I've spent the best time of my career here but I have other factors that I have to consider now about my football and my life."
The 36 year old has however ruled out plans of retirement: "I still feel I have plenty to offer on the pitch and will carry on playing as long as I can have an impact on what goes on out on that field."
Magilton also had special words for departed duo Kelvin Davis and Darren Bent, wishing them all the best for the future: "They're both great lads and I wish them well in the Premiership.
"They will be playing in a fantastic league and facing a new challenge and I'm sure they will be up for it although obviously everyone connected with Ipswich is sorry to see them go."
Tommy Miller, Shefki Kuqi and Fabian Wilnis are also out of contract at the end of the month, and the club hope to hear where their futures may lie over the coming days.