Murphy, who played his 300th game earlier this season, said he has lived his "childhood dream".

Murphy opened his press conference in typical, irreverent style, saying he was there with the "shocking revelation that a 35-year-old wanker is not playing next year".

He had a long list of thank-yous, from medicos to Paul Kelly, to Ben Hudson's beard.

Murphy also expressed his appreciation for his teammates and his family.

"It's not easy, this football journey, and you guys have seen the hardest part of that," he said of his family.

He said he would repay his family's "love, lego and kindness" with a "Winnebago trip up the coast of Australia".

Murphy said the last few years had been an incredible ride.

"I came that close to retiring last year," he said, having famously missed out on playing a part in the Dogs' drought-breaking 2016 premiership due to a knee injury suffered earlier in the season.

"I probably retired three times last year but didn't tell the rest of the world."

Coach Luke Beveridge said the Dogs wouldn't have won the premiership without Murphy's leadership in 2015 and 2016 after a tumultuous 2014 post-season.

But Murphy admitted there would be something missing from his career if the Bulldogs can't win another flag this year. His team needs to win their last two home-and-away matches to make the finals. 

"There'll be a sense of emptiness if I'm not a premiership player, but I gave it all I had. There's a hole in the heart, there," he said.  

Beveridge said it would not be foolish to include Murphy with Ted Whitten, Charlie Sutton, Doug Hawkins and Chris Grant in terms of contribution to the footy club.

Murphy said he knew it was time to retire "when winter hit this year".

"The body was letting me know I wouldn't be able to complete another season. Still got a bit of life left in me this year. I feel the team has a few cards to play in this hand."

Drafted at pick 13 in 1999, the defender has played 310 games, with at least two more to go in the Dogs' season.

He has kicked 182 career goals.

"It has been an honour to captain the club for the last three seasons, and I will leave the game satisfied that I gave everything I possibly could," Murphy said.

He has captained the Bulldogs since the club's tumultuous 2014 post-season when their coach Brendan McCartney, CEO Simon Garlick and captain Ryan Griffen all departed Whitten Oval.