The 28-year-old winger is confident his side can challenge Bayern Munich and Borussia Dortmund next season
The 28-year-old signed for the Gelsenkirchen side in 2008 and although he understands Bayern Munich and Borussia Dortmund are the strongest sides in Germany at the moment, he says he won't give up on winning the title in the coming years.
"Winning the Bundesliga would be my biggest dream," Farfan told Bild.
"Although our chance has gone this year, next season we will go for it, even though Bayern and Dortmund are the big favourites."
Farfan's current contract runs until the summer of 2016, and the speedy Peruvian believes there is every chance he will remain with die Knappen for the remainder of his career.
He revealed: "Finishing my career here is a possibility. Schalke has become my second home, and I am very happy here.
"At the very end of my career I would like to play again for a few months at my home club Alianza Lima. It would allow me to say goodbye and thank you, as they are the reason for my professional career."
Farfan also gave his thoughts on the Champions League semi-finals and tipped the current Liga leaders to overcome FCB and lift the trophy at Wembley.
"All four teams in the semi-finals are really strong, and they can all win the competition. My favourites, however, are Barcelona, whose football is the best in my opinion."