The former Scotland international is out of contract at the end of the season and, although he has been a regular this campaign, he is likely to have more competition now that Stephen Hughes, Isaac Osbourne and Rob Milsom have recovered from injury.
Manager Craig Brown's future is also uncertain beyond the summer and much could depend on the team's performances in the coming months as they bid to end a 13-year wait for a major final and avoid a fourth consecutive season in the bottom six of the Clydesdale Bank Premier League.
The 35-year-old told RedTV: "I am enjoying my football at the moment. I have pretty much played every game or and been involved in every training session. Overall it has been a decent season but I want to make it a really good one.
"The body has held up well and I am not ready to retire yet. I would like to play on for one more season at least. Whether it will be here or not we will just have to wait and see but I would love to stay. I have loved my time here and I would love to have one last year at Pittodrie."
The coming seven days could be crucial for Rae's long-term hopes as Aberdeen face top-six rivals Hibernian on Sunday and St Johnstone on Wednesday before facing the Edinburgh side again in the William Hill Scottish Cup fifth round.
Aberdeen returned from the winter break with a 3-0 defeat at Inverness and Rae is looking to bounce back from their disappointing second half.
"The one good thing about football is that there are always games coming thick and fast and you have the chance to rectify a poor result which it was on Saturday and we were massively disappointed the way the second half went," he said.
"Watching the game back I thought we did okay first half but the second half was not good enough. It is important you watch the games back, it is probably more important when you don't do well because you can discuss and rectify mistakes you see on screen.
"You know during a game when things have not gone well but it really hits home on the big screen and hopefully we can stop mistakes like that happening again. It was a disappointing result but we are still in a decent enough position and if we can string a few results together we can get back up there."