The holding midfielder has voiced his admiration for his experienced team-mate, and is eagerly anticipating next month's Clasico
Xavi's agent revealed on Tuesday that Barcelona are ready to offer the Spain international a new and improved deal and it seems likely that the 32-year-old will remain at the Blaugranas until the end of his active career, much to the delight of Busquets.
"He's an incredibly important player with a great past, and he sets a fine example both on and off the pitch," Busquets told reporters at a promotional event.
"It would be an honour if he were to retire at Barcelona."
Busquets then went on to discuss the upcoming Clasico, and stressed that the match against Real Madrid will by no means be decisive of the outcome of La Liga.
"That game won’t decide anything, it’s still too early. It’s great to have put some distance between us, but the league season is a long one," he added.
"Last year Madrid strung together a long series of wins and we are going to have to do the same thing."
Barcelona host Madrid on October 7.