Footy legend holds back the tears as he issues huge request to team-mates as he makes big career decision

Retiring veteran Michael Walters reckons Fremantle can win the AFL flag as early as this year and he's made his teammates promise to let him be part of the premiership celebrations.

Walters fought back tears on Thursday when he fronted the player group to inform them of his retirement, effective immediately, due to an ongoing knee injury.

It brings an end to a glittering 239-game AFL career that featured 365 goals and countless highlights.

The 34-year-old underwent knee surgery during the summer, made it back to appear for the Indigenous All Stars and a Dockers pre-season match, before being sidelined again.

Walters made his comeback on limited minutes via the WAFL last month, but the writing was on the wall when he pulled up sore from that match and was unable to back it up.

'I have been working my backside off to try and get back to play some form of footy and while mentally I am still committed, unfortunately my body wouldn't allow me to continue playing,' Walters said. 

'I never left a stone unturned, I tried to return and play again at the top level and it just didn't work out.'

Fremantle (10-5) sit just half a game adrift of second spot, putting them in a strong position to challenge for this year's flag.

'I reckon they can go all the way if they stay in the moment,' Walters told the media on Thursday afternoon.

'This group is a mature group, they've got the right coaching staff and everyone around them, with the right leaders.'

Earlier in the day, Walters let his emotions flow as he addressed his teammates - and he used the moment to ask them for one final favour.

'It's been a hard year for myself personally,' a tearful Walters said. 

'But you guys made it so much easier. I'm going to miss the coffee yarns, just the hanging out and FaceTime calls.

'I've been around the game a long time, and I'm going to miss that the most - hanging out with you guys each and every day.

'I want you guys to promise me one thing. When you do win that premiership, let me drink a can of Jacks (Jack Daniel's) out of that cup.'

With Walters' future now determined, more attention will turn to fellow veteran Nat Fyfe.

Fyfe, who also underwent knee surgery over the summer, missed the start of the season with a hamstring injury.

The 33-year-old made a successful comeback last month, but he will now miss the next two to four weeks after injuring his calf while warming up as the sub during last week's 12-point win over St Kilda. 

Walters, selected with pick No.53 in the 2008 national draft, won Fremantle's goalkicking award across five separate seasons and will go down as one of the club's best ever forwards.