Essendon captain Matthew Lloyd says he will take time to consider his AFL playing future.

The 31-year-old Bombers great met with coach Matthew Knights on Thursday as he weighs up whether to retire or play on next season.

"I've got a bit of time to think about it, so I'm sure a decision will probably be made in the coming week," Lloyd told the Ten Network on Friday.

Knights has made it clear that if Lloyd plays on, he will not be guaranteed regular selection in the senior side.

He has also said Lloyd, who is Essendon's greatest ever goal-kicker, could have to accept a reduced role to allow the club's young emerging key forwards to develop.

Ahead of Thursday's meeting, Knights suggested the fact the champion full-forward had not come knocking on his door earlier indicated he might have doubts about playing on.

"The fact that it's been deferred and he's not sure obviously puts a question mark around that," Knights said on Thursday.

"If he was very, very sure about playing on he probably would have come to me earlier."

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