The former England global made the announcement at United's press conference on Monday ahead of the Champions League last-16, second-leg match against Sevilla.
Carrick made just one Premier League appearance this season and saw Nemanja Matic partner Ander Herrera and lately Scott Mctominay as his replacements in the United midfield.
Carrick was appointed United captain in the summer and is in his 12th season at Old Trafford. "It's something that you have got to accept".
United manager Jose Mourinho has already suggested the 36-year-old will be retiring which former Tottenham Hotspur midfielder has now clarified.
He added: "It's kind of been sorted out, but we're still talking about it so there is nothing to totally confirm yet. But, yeah, it's looking likely", he stated.
Carrick has been restricted to only four games this season after he was diagnosed of an irregular heart rhythm earlier in the season, a condition which he said formed a major part in his decision to retire. It took a little while to get over.
"After the heart issue, I had two or three days thinking 'am I going to carry on?' I got back fit and wanted to finish on my own terms".
"I understood I'd be getting back fit that I wouldn't be playing as many games as probably I might have done, but that's something that I understood. I had a procedure the following week", he said.
"I've been training hard and we'll see what happens for the rest of the season".
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