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31 December 2012, 15:30 | Updated: 31 December 2012, 15:36
The K-Pop star says he wants to focus on his next single and will bring 2012 to a close with a final performance.
PSY has revealed that he is "ending" 'Gangnam Style' with his performance in Times Square tonight (31st December).
The K-Pop star will perform at Dick Clark's New Year's Rockin' Eve show in New York and told MTV that the grand occasion seems like the perfect place to bring a close to the song.
"Being in Times Square on New Year's Eve is already special - it's the biggest stage in the universe - plus it's my birthday, so, with all that, it may be the ending of 'Gangnam Style'," he said. "I mean, what better way to do it? It's my biggest and most meaningful birthday."
The singer admitted that the popularity of the song has become too much and he wants to now shift focus to his next single.
"The song became too popular, and so you start to have some concern about its life period," he added. "I'm really working hard on a new single right now, and I'm not saying ['Gangnam'] is ending on 'Dick Clark' — I still have a lot of invitations to perform it ... I'll be in Paris, and in February I got invited to perform in China, and I've still got to do promo.
"So let me say that in America I need a new single because 'Gangnam Style' got too popular, so I've got to write a new single."
The star has already hinted at the possibility of a Justin Bieber collaboration on his next track and even admitted that he would be open to penning an English spoken song.
'Gangnam Style' has scored PSY numerous accolades in 2012 including Best Video at the MTV EMAs and it recently reached one billion views on YouTube.
Other performers at tonight's Dick Clark's New Year's Rockin' Eve show will include Justin Bieber, The Wanted and Carly Rae Jepsen.