The 33-year-old spent more than three months on the sidelines after a horror training accident this year and has played five matches since returning in July.
McEvoy ran out for his 250th game last round against Gold Coast and will feature in the Hawks' final two games of the year, against Richmond on Sunday and the Western Bulldogs in round 23.
The courageous ruckman has been a fan favourite at Hawthorn and St Kilda, where he began his AFL career, and feels the time is right to step away.
"It's not like my body's completely given out on me," McEvoy said at a press conference on Wednesday.
"It's always been slow - it's getting slower - but it hasn't actually broken down.
"But physically, mentally and emotionally the petrol tank's just empty."
McEvoy admitted he briefly thought his football career might be over - or worse - after suffering the neck injury in late March.
"I did have to consider that maybe I wouldn't be able to play again but that was never really an option for me if there was anything I could do about it," McEvoy said.
"We worked really hard and did a great rehab program with all the team here and I'm really proud of the way I've been able to get back and so pleased to be able to pull on the brown and gold jumper a few more times and sing the song again.
"With a little bit of luck, maybe I can do that two more times."
McEvoy was named Ben Stratton's successor at captain ahead of the 2021 season and spent two years in the role, with Jaeger O'Meara and James Sicily filling in while the ruckman was injured.
Despite this year's injury battle, McEvoy said his first season as skipper was the toughest of his career as Hawthorn went through a period of upheaval, with Alastair Clarkson replaced by Sam Mitchell as coach.
"Being out for such a significant period of time is challenging in a different way but you're not dealing with the rigours of AFL footy and backing up week to week," McEvoy said.
"Last year might've been the most challenging year, first year as captain, I played every game and going into a coach handover there was some challenging times there.
"That was probably the hardest at just finding the mental and physical energy to back up.
"I feel like this year having such a significant period of time out of the game has maybe smoothed over some cracks that would've otherwise appeared, as far as performance (goes) and the ability to get my body to back up week to week.
"I've felt pretty good in recent weeks but it's not often you feel this good going into the end of the season."
McEvoy will leave the game a dual-premiership player, having played in Hawthorn's 2014 and 2015 grand final wins.
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