Phil Waugh admits it will be a proud moment when he becomes the most capped player in Waratahs history on Friday night.

Waugh will eclipse former team-mate and close friend Chris Whitaker's record of 118 appearances for NSW when he runs onto his beloved SFS against the Lions.

The 30-year-old has been a permanent fixture in the number seven jumper since he made his provincial debut in 1999 against the Brumbies, with 114 of his caps earned at Super rugby level.

"It's a huge honour," Waugh said of his milestone.

"I've been inspired by so many guys that have played for the Waratahs throughout my career and as a kid growing up, and to be the most capped is just a huge honour and one I really cherish."

But while proud of his achievements, Waugh refused to rule out the possibility of staying on beyond his current deal and is adamant he still has plenty to offer the Waratahs as he chases an elusive Super rugby final.

"I really enjoy it here and I've still got a year left on my contract after this year," the 79-Test veteran said.

"I haven't thought past that point yet but I still really enjoy the place, I get a real buzz out of running around with these guys ... so we'll have to wait and see.

"I'm still a young pup. Hopefully I've got a few more years left here."

Waratahs coach Chris Hickey suspects Waugh's team-mates will lift their performances considerably to ensure the skipper has a night to remember.

"It's a fantastic achievement for Phil and I'm sure a great honour for him as well," Hickey said.

"First and foremost is Phil as a player and you know every time he takes the park you're going to get 100% commitment from him, and as a leader he leads by example and has the respect of the whole team.

"It's fantastic to have him on board and I know the players would really like to celebrate his achievement tomorrow night with a strong win."

Meanwhile, Hickey remains wary of the winless Lions ahead of the must-win round five clash.

"From what we've seen this year they're a dangerous side," he said.

"They're just full-on attacking and I think they figure they've got nothing to lose so they can have a crack at anything, and those sorts of teams can be really dangerous to play against.

"So it's very important that we take control of this game and that we play the game at our tempo, and that means when we want to play fast we can, but we don't let them dictate the tempo of the game."