Joey Beauchamp could be granted a money-spinning testimonial at The Kassam Stadium if he is forced to retire from football through injury.
The 31-year-old midfielder has been talking to family and friends about his best options after seeing a specialist last week about the toe injury which restricted him to just two matches last season.
United manager Ian Atkins said: "Joey is going through the surgeon's report and talking to people before making his decision. It's up to him to decide, but it doesn't look very good for him.
"If he has the operation, it seems the foot is then prone to fractures and hairline fractures and he might then not be able to do any sport, not just football."
Beauchamp, who has played more than 400 first-team games for the U's in two spells at the club he first joined as a trainee in 1989, effectively has two options: to go for the operation but risk further serious injury, or admit defeat and accept an insurance pay-out.
Atkins said: "I've put it to the board about a possible testimonial if he does have to pack it in. He's very well liked by the fans and I think he would get a good crowd, maybe around 8,000 if it was against good opposition."
Meanwhile, Thame United's Jefferson Louis has been given the opportunity to stay with Oxford United until the end of August to try to prove he can make it at Football League level.
"He will be around in pre-season and it's a great chance for him to show what he can do," Atkins said.
Now that he has cleared the decks of players who were not in his plans, United's manager is preparing to work on bringing in those to improve the side.
He has already talked to dozens of players, and one he will speak to again soon is David Morley, the former Manchester City and Carlisle defender who was at Oxford for the last five months of last season. He was the only out-of-contract player not immediately discarded at the end of the season.
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