Nicklaus hasn't played the British Open since 2000 when St. Andrews was also the host. The storied venue was the site of two of Nicklaus' three British Open titles in 1970 and 1978.
The 65-year-old legend played his last Masters this past April and will lose his exemption to play in the British Open after this year's tournament.
'I expect I'll be just as emotional at St. Andrews. I'm a sentimental old fool,' said Nicklaus, who was in Britain for the launch of a Polaris World golf and property development in Spain.
'I enjoy being part of history and what's going on, but I don't consider myself competitive any more and the Open will probably end my competitive career.'
Nicklaus holds the record with 18 professional major victories. In addition to his three British Open titles, he has won The Masters six times, the U.S. Open four times and the PGA Championship on five occasions.
'Hopefully when I get to St. Andrews I will have some kind of game,' Nicklaus added. 'It won't be great. but I hope not to embarrass myself.'
Nicklaus shot rounds of 77 and 76 at The Masters in April and mentioned that the reason he doesn't want to play competitively anymore is because 'that's what I shoot -- when I play well.'
The Golden Bear added that he hasn't yet decided if he will play in his own PGA Tour event -- The Memorial -- later this month.