The 35-year-old has had a glittering career and was runner-up in the MLS’s Most Valuable Player award after 15 goals and 12 assists in 27 games for New York.
The Frenchman is currently in training with former club Arsenal over the winter and had been linked with a temporary move to the Emirates Stadium, which failed to materialise.
"I'm giving myself another two years,” he told BeIn Sport. “That'll take me to 37 years old. It'll make my career 20 years long. I recently talked about it with Robert [Pires].
"It's never easy to stop, but there comes a time when your body tells you to. The head wants to continue, but... it's certainly not desire that I'll be lacking. But, at a certain moment in time, you have to stop."