But don't despair, the singer's last tour will not signal the end of Sir Elton John.
"There's no contest", he continued of Elijah, 5, and Zachary, 7, his sons with husband David Furnish.
John made the announcement under the Roman-inspired dome and columns of Gotham Hall, a former bank turned event space in Midtown Manhattan, where guests were offered champagne and shrimp tempura hors d'oeuvres.
He started playing live as a member of Bluesology in 1962, formed a songwriting partnership with Bernie Taupin in 1967 and (changing his name from Reg Dwight) released his first solo single in 1968.
Elton will begin a three-year world tour, starting in the United States this September.
The music icon admitted that he was keen to spend more time with his children.
"And that's what I want to do, I'll gradually phase things out in a few years".
But when CNN asked about the #MeToo movement, Sir Elton gave a surprising answer. "I love them so much I don't want to miss them and I don't want them to miss me". "I've had an incredible life, but life is all about change", he said.
Elton - who contracted a "harmful and unusual" bacterial infection during his tour of South America - told ITV's "Lorraine": "I went to South America and had a wonderful tour with James Taylor". "I plan to bring the passion and creativity that has entertained my fans for decades to my final tour". "But I won't travel any more... I'm really looking forward to this tour and I'm really looking forward to the 300th date", he said.
In 1999, he was fitted with a pacemaker when doctors found an irregular heartbeat, while in 2013 the star cancelled a headline slot at London's Hyde Park after being diagnosed with appendicitis.
Despite this, he played 87 shows including dates in Europe and Australia in addition to his Las Vegas show, The Million Dollar Piano and appearing in Kingsman: The Golden Circle. John said he will visit "every continent in the world".