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Speaking to the News of the World, Paphitis said that he wanted "to go out with a bang" but assured fans that he would leave the club on a solid footing.
The controversial chairman took over the club in 1997 after the then second division side had gone into administration. Since then, The Lions have enjoyed a successful period, culminating in last season's FA Cup Final appearance and qualification for Europe. But his Chairmanship hasn't always enjoyed a smooth ride.
Following the riot after the play-off game against Birmingham City, he introduced a draconian membership scheme that saw Millwall's average attendence almost cut in half and has angered fans further with the sales of Steven Reid, Lucas Neill and Tim Cahll, who left for Everton last week.
Despite promises to walk away in the past, Paphitis - who is also Chairman of the Ryman Group - is adamant that this season will be his swansong.
"I have made so many comebacks after saying I'm going to leave that people must think I'm Frank Sinatra!", he said, before hinting that Ray Wilkins and manager Dennis Wise could possibly replace him "because they have money to burn!"