"Everyone knows I love this club so it would be a big shame if I had to leave," McPhail said.
"I'd love to stay on at the club, it's a big few months for me to see if I can stay fit.
"I'm going to take every month as it comes, try and... be involved in as many games as I can and then at the end of the season make a decision on what to do - whether to play on, sign here or sign somewhere else.
"I love this part of the world. The fans, the people, the city have been great to me and my family and hopefully we'll have many more years."
The Irishman has bdeen a good servant to Cardiff and as well as putting in decent performances has had to overcome personal illness.
He was diagnosed with stage one malt lymphoma in November 2009 and then the auto-immune disease Sjogren's Syndrome last season.
"It's frustrating, I've torn my hamstring twice over the past couple of months," added McPhail, who was speaking at an event held on behalf of the Dreams & Wishes children's charity.
"I've been trying to get back as soon as possible because the lads are flying and you want to be involved in every game. Hopefully I'm only a few weeks away.
"Every year we get stronger as a squad, I think this year is definitely our strongest squad.
"We've got quite a lot of injuries but we're still producing on the field, which in years gone by probably wouldn't happen. We probably would have faded away and dropped points here and there."