After a record 36 Melbourne Cups, Victorian race caller Greg Miles has announced his retirement.

The 57-year-old announced on RSN927 on Monday, he wanted to go out on his terms while still at the top of his game.

His will continue as Victoria's main caller until his contract expires in June, unless a replacement is found earlier.

"I've had a good innings. I've enjoyed it and I still enjoy it but I don't want to be the bloke who went on two years too long," Miles told RSN927.

"I would rather be the bloke who went two years early.

"I've been thinking about this for five years and it feels right.

"It's the right time to go."

A long break in the middle of the year during which Miles travelled overseas helped him make up his mind to step away from race broadcasting.

He said calling three meetings a week and the amount of work required pre-meeting, as well as post-meeting, was taxing.

He said he had contemplated calling just one meeting a week but didn't believe that was fair, saying broadcasting was a full-time job.

Miles said on reflection he was stepping away from calling having had the best spring carnival of his career.

Nothing will change until June unless a replacement is found earlier with Miles to be a member of the selection panel.

Beyond June, Miles will have involvement with some historical projects on racing.com while he's also in discussions with RSN927.

"I'm far from walking away from the game," Miles said.

"I'm not going to miss calling, because I've done plenty of it, and I'm not going to miss racing because I'll continue to go.

"I'm still welded on to it a bit but it's the right time to walk away from broadcasting and do some other things."

Racing Victoria will develop a scholarship for aspiring racecallers to be named in his honour with Miles to play an active role in nurturing young talent.