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Collingwood small forward Josh Thomas has opted to retire from the AFL and move into a career in finance after 123 games with the Magpies.

Collingwood small forward Josh Thomas has opted to retire from the AFL and move into a career in finance.

The 30-year-old had been weighing up whether to play one more season in 2022, but has instead decided to call it quits after 123 games.

"The last two months has given me time to reflect and, after careful consideration, I believe the right decision has emerged," Thomas said.

"I feel incredibly fortunate to reach the end of my career and be genuinely content with my time in the game."

Thomas played 32 games for Collingwood in 2013 and 2014 before being suspended for two years, along with former Magpies teammate Lachie Keefe, for taking the banned substance clenbuterol.

The pair admitted that the substance probably entered their body while taking illicit drugs in February 2015.

Thomas played just nine games in his return to the AFL in 2017, but he enjoyed a career-best season the following year as the Magpies narrowly lost the grand final to West Coast.

He booted 38 of his 101 career goals during the 2018 campaign, including a career-best haul of five against Carlton.

"JT should be proud of his career, which spanned 12 years," Magpies football boss Graham Wright said.

"He was a very popular teammate, a no-fuss character who carried himself with quiet dignity.

"Everyone at Collingwood wishes him well and believes that he has a lot to look forward to in life."

Meanwhile, Mason Cox's future with the Magpies remains up in the air.

"We're in conversations with Liam Pickering (Cox's manager) at the moment," Wright said.

"We'd like Mason to stay but that's certainly up to him and he may have some options around that as well.

"We're hopeful but we're mindful there could be other (clubs) who have interest."