According to Spanish news outlet El Nacional, the 34-year-old is ready to hang up his boots once La Roja wrap up their campaign in Qatar.
It would truly mark the end of an era with Busquets currently the only active player from Spain's historic 2010 World Cup-winning squad.
He made his international debut way back in 2009 and has since earned another 140 caps. He is only behind Sergio Ramos (180) and Iker Casillas (167) on Spain's all-time appearances list.
In addition to the World Cup, Busquets also won the Euro 2012 and picked up the runners-up medal in last year's UEFA Nations League.
Busquets is widely hailed as an intelligent footballer known for his work ethic, passing range, vision and positional sense. He will go down in history as one of the greatest midfielders of his generation.
Busquets has already communicated his decision to both the Spanish manager, Enrique, and the president of the Spanish Football Federation, Luis Rubiales.
El Nacional also reported that he could be set to bid adieu to Barcelona next summer too, with clouds of uncertainty currently hanging over his future.
The Spaniard's contract with the Catalans expires in June next year. There are rumors that he could leave Camp Nou for a stint in Major League Soccer.
It's a well-trodden path, with former teammate David Villa ending his career at Inter Miami after quitting European football. Busquets could be tempted to try something similar too.
Spanish news media Mundo Deportivo reports that Barcelona are going to offer him a new contract to convince him to stay. However, the ball is ultimately in the player's court.
Busquets has made 696 appearances for the club, lifting 30 titles.
Spain looking to seal Group E with Japan win
Spain are looking to win Group E with a victory over Japan on Thursday (December 1). A draw would be enough as well if Costa Rica beat Germany.
La Roja began their campaign with a 7-0 drubbing of Los Ticos before holding Die Mannschaft to a 1-1 draw in their next game.
Enrique's side currently occupy the top spot in the group with four points, one ahead of Japan and Costa Rica.
A victory against the Samurai Blue seems likely although stranger things have happened at the World Cup.