Mashrafe Mortaza has given up his national team contract but has been offered a "grand farewell" match by the Bangladesh Cricket Board.
There had been growing concerns over the incumbent ODI skipper's fitness and form, resulting in his axing from the central contract list.
The 36-year-old all-rounder claimed just one wicket across eight World Cup games in England and Wales last summer.
Following Bangladesh's poor tournament campaign, Mortaza suffered a hamstring injury which ruled him out of the Sri Lanka series.
BCB president Nazmul Hassan told reporters Mortaza himself withdrew from the contract that ensures a guaranteed monthly wage of at least $5,000 and lucrative sponsorship deals.
"We have accepted his proposal," Hassan said.
Mortaza played his last Test over a decade ago and quit T20Is in April 2017.
He has continued to lead the ODI unit since then, though frequent bouts of injuries have threatened to curtail his career.
Mortaza was offered a farewell match by the board in September 2018 against Zimbabwe but he refused to get on-board with the plan.
Hassan said the BCB would once again be interested in giving their star player a proper adieu if he is willing.
"We want to give him a grand farewell in a way that no other player got. Now if he agrees, then it's OK. But if he doesn't want it, we have nothing to do."
Mortaza, who is simultaneously an active member of parliament, has not shed light on a clear retirement plan with speculations regarding his exit from the game in overdrive.
He enjoys iconic status in Bangladesh after spearheading his side's transition from being labelled minnows to now becoming avid challengers of the status quo.
Bangladesh witnessed their best World Cup campaign under his captaincy when they reached the quarter-finals in the 2015 edition of the marquee event.