"There's a pretty decent chance that I've thrown my last pitch, forever," the 41-year-old right-hander told WEEI Radio in Boston Friday.
"I don't want it to end this way, but if this is the way it has to end, I'm OK with that. I can't throw a pitch (and) when you're a pitcher, that's a problem."
Schilling underwent the operation Monday.
Schilling was 9-8 with a 3.87 ERA in 24 reular-season tarts for the 2007 World Series champions and 3-0 with a 3.00 ERA in four post-season games.
He also helped Boston win the 2004 World Series and was a member of the 2001 Arizona Diamondbacks World Series title team.
Schilling's career record is 216-146 in stints with Boston, Arizona, Baltimore, Houston and Philadelphia.