And with England requiring just three wickets to complete a 3-1 series win over Australia, Collingwood is chuffed to bits.
Collingwood, who played a part in the Ashes-winning squads in 2005 and 2009, told Sky Sports: "I'm absolutely chuffed to bits. I've got mixed emotions, obviously I made the announcement this morning to retire from the Test form of the game but the way we've played this kind of cricket here has been fantastic.
"It's put a huge smile on my face and we're in a great position in this match to win the series.
"I discussed it with my wife (Vicky) a couple of weeks ago in Melbourne, and once you start discussing it with your family, that's pretty much it.
"I decided 100 per cent a few days ago when I came here and played the first day and I pretty much knew it would be my last innings. I wanted to go out on a major high and make a big contribution but it didn't work - I don't think I'm built for fairytales to be honest!
"I'm very proud, I'm very happy with what I've done in my career. I think it's the right time to go. This England team is moving forward and progressing all the time. Unfortunately I'm not going to be there but it's up to the younger lads to come through.
Exceptional
"We've got some exceptional players coming through and I think it's time for them to have a good go."I wanted to go out there and if I'd scored a 50 or hundred it would have been the perfect way to go but this is close to perfect.
"Obviously playing against Australia, in Australia, we've had some lows out here in the past but to do what we've done on this tour so far - and hopefully win the series tomorrow - this is a near-perfect way to go."
Collingwood's place in the side had come under increasing scrutiny, with the 34-year-old struggling with the bat despite some eye-catching displays in the field.
And the Durham ace admitted the time was right to give someone else a crack at Test cricket.
"I'm very realistic. I haven't had the best series, I haven't been in the best form in Test cricket over the past six months," he said.
"I know where I am as a player and probably know where I am in the selectors' minds and stuff. I think it's time for the younger guys to have a go."