The VFL/AFL games record holder shut down the possibility of him playing on at another club in 2027.
An AFL Media report this week suggested Pendlebury could be open to an on-field mentoring role, similar to Luke Hodge at the Brisbane Lions in 2018 and 2019, should he not stay at Collingwood.
After 437 games for the Magpies during a career that started back in 2006, it seems inconceivable Pendlebury could wear another jumper.
But so was the thought of Hodge not playing for Hawthorn after his 2017 retirement.
"I just got asked that question from Tash, our media manager, while we prepared to come to you," McRae started when asked about Pendlebury's plans.
"'Pendles' was just walking off the track and I asked him because I might get that question.
"'Pendles' said it's not the truth. That decision (on his future) is his to be made whenever he wants to make that."
Pendlebury has spent more time up forward this season as the Pies prepare for life without him, whether it's next year or in 2028.
Due to turn 39 in January, Pendlebury's midfield time will be limited even more should Collingwood land, as expected, Brisbane legend Lachie Neale as a free agent during the trade period.
During Sunday's commentary stint on the Seven Network, Pendlebury claimed he hadn't yet thought about whether he would play a 22nd season.
"I'm enjoying my footy and taking it day by day," he said during the coverage of the Melbourne-Richmond match.
Collingwood's future strategy has been a hot topic since their 2023 premiership, having the oldest list in the AFL.
Neale, who will be 34 next year, has a lucrative three-year deal to convince him to join the Magpies and provide support for superstar Nick Daicos.
McRae explained his decision to backtrack on famous comments about wanting "players not picks" when talking about the draft.
In a surprise confession, McRae said it was "never my agenda or philosophy" when speaking on Fox Footy on Monday night.
He also said list boss Justin Leppitsch asked him to say it back in September 2024.
McRae elaborated on the decision further on Thursday.
"You (media) come to a press conference, ask me a question, I answer it just as truthfully as I can," he said.
"Players versus picks, and I'd never really spoken about.
"No one's really asked me in these forums, so this is a great chance to maybe reset what the narrative is in the football community.
"We have a more balanced view of everything - we can't just be all picks and we can't be all just players."
McRae is yet to speak to Leppitsch following his comments on the AFL 360 program, saying his former Lions teammate has been away.
"It was nothing about Justin, it was about what was asked of me," he said.
"The question was asked about my philosophy, which is the way we approach our list management."
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