After missing Sunday's win over West Coast, Pendlebury will be joined by fellow premiership hero Jordan De Goey in returning to face Hawthorn at the MCG on Saturday night.
Debuting in 2006, Pendlebury is giving thought to playing on into a 22nd AFL season in 2027, even if it is at another club.
Essendon and Gold Coast have shown interest in recruiting Pendlebury as effectively an on-field coach.
Hawthorn great Luke Hodge spent two seasons playing at Brisbane after retiring at the Hawks, helping set up the Lions' current era of success.
Pendlebury wouldn't entertain going to the Bombers given their long and storied rivalry with Collingwood.
But the Suns - aiming to rebound from a horror 2026 - would loom as an ideal spot for the 38-year-old if he exited the Magpies.
"My understanding is that he wants to wait to the end of the year, and we'll give him every right to do that," McRae said of Pendlebury on Thursday.
"I can see there's interest in other clubs for a reason.
"We've had 'Pendles' by our side for the last five years (McRae started coaching Collingwood in 2022), it's incredible what he can offer to our environment, and I can see how others would see value in that.
"He's remarkable what he does to support our young players, or even just our game plan, day to day, week to week.
"It doesn't surprise me there's interest from other clubs, but in terms of his own future, I think we'll leave that up to him to decide at the appropriate time."
After breaking the VFL/AFL games record in May, Pendlebury would warrant an equally grand send-off from the Magpies faithful if he retired, or even went to another club.
McRae acknowledged Pendlebury should be farewelled properly when the end does come, but won't rush the dual premiership player to make a decision before he is ready.
"His last conversation to list management and general manager football is like just wait to the end of the year now," McRae said.
"If that's the case, it's not that far away.
"I don't think there's a timeline needed to rush these decisions."
When asked directly if he wanted Pendlebury to play on next year, McRae instead spoke about his legacy at Collingwood.
"There's part of me that just would miss him a lot," McRae said.
"To have somebody that is 'live-coaching' our team is such an asset for all of us, and then his performances would warrant that he's playing at a level that suggests he could do it (play next year).
"He's the only one who knows his body and what he's capable of ... so there's a lot to consider."
The blockbuster against the Hawks will be Pendlebury's 441st AFL match, nine more than the previous games record holder, Brent Harvey.
Collingwood are locked in to at least a wildcard final, but could still jump into a top-six spot if they win their remaining two games and other results fall their way.
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