Waugh is the most successful captain in history in terms of the number of Tests won, and has earned the total respect and loyalty of his team.
There is little left for Waugh to prove, although Australia's 2-1 defeat in India in 2001 remains a blemish on his record which he would like to erase before calling it a day.
It wasn't always likely that would be the case as he struggled through a rough form patch this time last year before producing one of his pinnacle innings - an emotional 102 against England in the fifth Ashes Test in Sydney last January.
Form is not the criteria in Waugh's much-speculated decision - he remains one of Australia's consistent run-getters and currently has accumulated 10,660 runs, just a tantalising 514 behind compatriot Allan Border's world record (11,174).
Waugh, known as the 'Ice Man', will leave the game with a hatful of achievements. In a Test career spanning 19 years he has compiled 32 Test centuries, second only to Indian batting great Sunil Gavaskar's 34.