Holland, runner-up in the 2005 Copeland Trophy, last played all 22 matches in 2005 and 17 in 2006, before suspension and injury have seen him struggle to play senior football in the last two years.
Holland, who played 36 games with Fremantle before crossing to Collingwood, will assess his injury at the end of the season before making a decision.
"I've got to see how the Achilles comes up in the next month or two. Obviously in the next couple of weeks, I'll sit down with Mick (Malthouse) and see what's best for me and the team moving forward. If my Achilles are still sore in the next 10 weeks, then I'll probably look at retiring," he said.
Holland has been ruled out for the rest of the season with an ankle injury he sustained in a VFL match earlier this season.
