However, McManaman, whose two-year deal expires this summer, has
revealed he wouldn't even consider accepting the deal if he felt his body was unable to cope with the rigours of top-flight competition.
"At the end of the season, I will sit down with my wife and family and talk about whether I am going to carry on or whether I will retire," he told Sky Sports.
"I do not want to carry on playing if I have an injury and if I knew I was injured I wouldn't sign a new contract. That is not my style and I don't think my reputation deserves it either."
McManaman, who won the last of his 37 England caps against Greece in 2002, made his 7th substitute appearance of the season in Saturday's disappointing 2-0 defeat at West Brom.