The midfielder is heading into his 10th season with the Premier League giants, having signed with the club from Valencia in 2010.
One of the club's most decorated players, the Spaniard has scored 70 goals in 395 appearances and been a mainstay under Roberto Mancini, Manuel Pellegrini and current manager Pep Guardiola.
Speaking at a press conference in Gran Canaria, Silva said: "This is the last one".
"Initially, City were talking about two years, but I made a decision to sign another one, so I finished at 10 years. It's the flawless time", the 33-year-old told the Daily Mail. "Initially, we were talking about two years, but I made a decision to sign another one, so I finished at 10 years", said Silva.
"It completes the cycle".
"In terms of being City's greatest, I never got to see Colin Bell play but I don't believe I'll ever see someone as good as David Silva play for us again". "So 10 years - that's it".
Even if City do not win the Champions League in the coming season, David Silva will go down as a Manchester City and Premier League legend.
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During his stint in Manchester Silva has secured four league titles, two FA Cups, four League Cups and two Community Shields.
Foden played 25 games for City in all competitions last season and will likely get more football next season as he continues to develop. "So for me I'm more than happy with what I have achieved in my time at City".
The 33-year-old has previously said that he would like to finish his career with boyhood club Las Palmas, but conceded that would only be the case if they returned to La Liga.
"China, no. My girlfriend will decide for me!"
Said the World Cup and European Championship victor: "I'm sure he's going to be a fantastic player". He's a very nice man and he will be a good replacement for me.
"He reminds me of myself when I was young, especially how he is as a person".
'For 10 years, this guy has been an absolute pleasure to watch, he makes football look so easy, ' wrote one supporter on Twitter. He's taken the information in and he's getting better day by day.