Sydney Swans star Adam Goodes spent his Melbourne Cup day undergoing revolutionary stem cell treatment in a bid to prolong his AFL career.

According to News Corp, Goodes requested the treatment on his troublesome right knee after also undergoing the procedure in January.

Following Sydney's heartbreaking grand final loss to Hawthorn, speculation mounted that Goodes would hang up the boots.

But the 351-game veteran announced he would keep playing in 2015.

"It gave me a new lease of life and took the pain away and my knee has been fantastic since," Goodes said.

"It seems like the smart thing to go back in and give it another shot."

And the 34-year-old hasn't ruled out playing beyond 2015.

"All the decisions weve made medically and physically as a team with Gibbsy (Swans medico Dr Nathan Gibbs) its all about playing at that optimal level.

"If I cant do that this year thats a true sign to hang the boots up."

Gibbs says the revolutionary treatment saved Goodes' career.

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Goodes has stem cell treatment on troublesome knee