This won't be some publicity-seeking farewell lap, though, assuming he qualifies. He still has goals.
"They are very big and they're exciting," Phelps said, "and that's why I'm still here."
The lead-up to the Olympics has started to get serious for the swimmers, and Phelps just might be in his best shape yet, both mentally and physically, despite turning 30 in June.
Barred from the world championships in Russia because of his second drunken-driving arrest, Phelps re-established his place as the planet's most dominant swimmer with a turn-back-the-clock performance at the U.S. National championships in August.
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The headliner among a slew of stars on the slate for the first of seven Arena Pro Swim Series events, unofficially kicking off the pre-Rio race season Thursday at the University of Minnesota, Phelps is in a peaceful, confident, healthy place he hardly could have foreseen a year ago.
"I'm thrilled to be going into this year and kind of giddy to see what happens at the end," Phelps said Wednesday after warmups, sitting next to coach Bob Bowman in a room behind the pool deck at the Jean K. Freeman Aquatic Center. Age is just a number, right?
Wearing a throwback Baltimore Orioles cap, a gray hooded sweatshirt and a thick, black beard, Phelps reflected on his first race in Minneapolis, the 1999 national championships.
"He got dead last in two events," Bowman said, rolling his eyes. "So he was really successful."
Phelps let out an easy laugh. He's been doing that more these days, since a stay at a treatment facility, the reparation of his complex relationship with his father and the renewal of his passion for the pool.