Appearing on the Pick Six Podcast with CBS Sports' Will Brinson on Wednesday, Saints head coach Sean Payton said he believes Brees will make an announcement "in the next week or two."
Brees' future has been the subject of speculation since New Orleans' season ended with a 30-20 loss to the Tampa Bay Buccaneers in the NFC Divisional Round.
Jay Glazer of Fox Sports reported before the Bucs-Saints game that Brees is planning to retire.
New Orleans signed Brees to a two-year, $50 million contract in March 2020. The deal includes dead-cap hits of $22.65 million in 2021 and $11.5 million in 2022, per Spotrac.
Even though Brees accepted a multiyear offer from the Saints last offseason, he also started to make plans for his post-playing career.
Andrew Marchand of the New York Post reported last April that the 13-time Pro Bowler was signing a contract with NBC Sports to serve as a television analyst whenever he retires.
Marchand noted Brees will likely begin his broadcasting career as a game analyst for Notre Dame football and a studio analyst on Football Night in America, with the goal of having him replace Cris Collinsworth as the analyst on Sunday Night Football.
Brees has spent the past 15 seasons with the Saints after starting his NFL career with the San Diego Chargers. The 42-year-old led New Orleans to its first Super Bowl victory after the 2009 season and is the NFL's all-time leader with 80,358 passing yards and 7,142 completions.