O'Neill has been granted a release by the Jets and will return to his home town of Perth for personal reasons.

The 30-year-old is expected to sign with Perth Glory, his original A-League club, but no deal has been confirmed at this point.

After two seasons and 38 games for Newcastle, O'Neill said it would be hard to part company with his teammates, given the uncertainty about the club's survival beyond the end of this season.

He expressed gratitude for how Jets executive chairman Shane Mattiske and coach Rob Stanton have handled his situation.

"I'm a proud husband and a proud father first, and I've got a responsibility to look after my wife and daughter," O'Neill said.

"It's time I put them first. The sacrifices they make so I can live out my dream and kick a ball around on the weekend, it's about time I started to repay that."

O'Neill was confident the Jets would have a prosperous future beyond this season, despite the lack of confirmation regarding a new owner.

"I feel a bit guilty about it, to be honest," he said.

"I've got no doubt the Newcastle Jets will be here next year, one way or another, but the one thing everyone wants is some clarity.

"That's why I feel so guilty, because I've been able to get some clarity, for my family's sake."

Normally a 90-minute player, O'Neill was an unused substitute in last week's win against Brisbane.

With only two games remaining in Newcastle's season, against Wellington and Central Coast, he hopes to feature but said "so be it" if Stanton does not want to change a winning team.