The 39-year-old NFL veteran said once the Jets' season has concluded, he will meet with team general manager Mike Tannenbaum and coach Eric Mangini to discuss his options, The (Newark, N.J.) Star-Ledger said Wednesday.
Favre said this weekend's final regular season game against the Miami Dolphins may represent the last time he plays in the league.
"This very well could be my last game," Favre said. "I'm aware of that. I'd like to make it a memorable one."
Favre, whose team could make the playoffs with a win Sunday, was traded to the Jets after a long career with the Green Bay Packers.
The Star-Ledger said while Favre now has a sore throwing shoulder from his comeback season after reneging on his retirement, he does not regret his decision.
"This year was a gamble, a risk, whatever you want to call it. It's been good and bad times as far as our season has gone, but I'm glad I came," said Favre, who retired with the Packers in March. "I made the right decision."