The hard-at-it midfielder/defender has been an outstanding servant for the Lions having been a member of the club's 2001-02 premiership sides. Scott was also a member of the 2004 grand final team that lost to Port Adelaide. He announced his decision on Thursday.
"It was a decision that I'd personally made over a month ago. It was fairly easy. The bottom line was that I simply couldn't train hard enough to get the most out of myself any more," Scott told afl.com.au.
"The only thing that would've changed my decision would've been if I was leaving a hole and we didn't have young players coming through to fill the void, but clearly the last half of this year we have had a number of players come through."
Scott said he wasn't even sure if he wanted to make his retirement known but coach Leigh Matthews encouraged him to make the announcement public, particularly with the team playing its final Melbourne-based match of the season on Saturday night.
"I've got a lot of family and friends down there so this week was as good as any to let people know," Scott said.
Although he is set to stay in Queensland for the time being Scott added that his future base would also depend on what opportunities presented themselves after he finishes at the end of round 22.
"I haven't made a definite decision either way," Scott said in relation to next year.
"I'd love to be involved in football in some capacity, but having said that, I'm not sure what capacity that would be … and I think I have a bit to offer off-field and I would like to be involved."
Scott has played 164 matches since making his debut with Hawthorn in 1997. He made 22 appearances with the Hawks in 1997, before crossing to the Lions. Scott has played 142 matches for the Lions, including 14 this season.
An AFL Rising Star nominee with Hawthorn in 1997, Scott finished equal third in the Lions' best-and-fairest award in 2002. He also represented Australia in the International Rules series in 2001-02.
Scott was full of praise for the Lions and the time he had spent at the club.
"The rewards have certainly outweighed any hardships over the time and the Lions in particular have given me far more than I could ever give in return, so I'm very appreciative of that," Scott said.
"A lot of people have said you must have been satisfied with your career and for me, I'll never be satisfied. I've been in the AFL system for 12 years and the only way I would've been satisfied would've been is if I'd played in 12 premierships, so you're never completely satisfied."
"But certainly no regrets and I think I've got the most out of myself with the opportunities I've had."
