However, realising that a long-standing knee injury would mean he wouldn't be able to feature in many games this season, high-earner Whitlow made the big gesture of agreeing to a substantial pay-cut, knowing this would fund the free transfers of young-guns Stacy Long and Jake Sheriden.
The former Premiership defender is now on a completely different pay scheme, with Notts rewarding him for his extraodinary unselfishness by assisting him in gaining his coaching badges.
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"I was not physically able to be fit for every game.
"By changing things now, the club can bring in Stacy and Jake, players who can give something I cannot.
"They have both deserved the chance because they have been working tremendously hard and can run all day.
"I have come off my contract, torn it up and gone onto a more realistic one that reflects what I am doing.
"That has given the club an opportunity to give two players a chance and that is important because they have more energy and more chance of playing than a 37-year-old."
Chairman Steve Thompson was only to happy to pay tribute to the veteran, who he has described as a 'model pro'.
"Mike was one of the highest earners and we were aware he wanted to pursue a coaching career. We would not have signed the pair but for this pay cut."
Trust Chairman Keri Usherwood was also delighted with the gesture.
"It sounds like Mike Whitlow has been a bit of a star over this and it's
highly significant for the Club in that it's allowed Gudjon to seal the
deals for Stacy and Jake," Usherwood told NCM.
"Mike Whitlow has huge knowledge and experience and it's clear he has already had a big influence in helping some of our younger players along since he arrived at the Club. We wish him all the best in his new role which looks like being a real bonus for the Club."
In an age where footballers are largely portrayed as overpaid, pampered professionals - just look at England's 4-1 defeat in Denmark last night - it is nice to see that men such as Whitlow provide a positive exception.
Despite some shaky on-the-field performances in his early days at the club, the former Leicester, Leeds and Bolton man has always been a key influence in the dressing room, using his vast experience to help young players such as Kelvin Wilson and Shane McFaul. Wilson, in particular, has benefited enormously from the presence of Whitlow, both on and off the field.
And now the defender's guidance will stretch to two new youngsters in Long and Sheriden, who owe their new coach massive gratitude after he sacrificed part of his own pay cheque to give them their chance in League Football.
It is a gesture that speaks volumes about the man - who was signed for Notts by Gary Mills in summer '04 - and his philosophy on the game that he will still play a huge part of for the next two seasons, at least.
He is a credit to this Football Club and all at NCM would like to praise him once again for this gesture.