The 39-year-old former Baggies goalkeeper has been without a contract since leaving Watford at the end of the last campaign.
And despite offers, he remained without a club until Newcastle United called last week because of ailments to the goalkeeping staff.
However, after giving the move some thought, Foster decided against it and declared his retirement from the sport.
Foster discussed the incident on his well-known podcast, Fozcast, and explained that it featured two former West Brom players, including Myhill, with the two of them still being close friends from their time at Albion.
Foster explained: “I needed to contact people and ask and chat to people so I rung my pal Boaz Myhill because he’s a sensible lad, same to me he is family centered.
“I called and stated that I’ve received an offer from a club, my head is spinning, and I’m not sure what to do because I assumed he would get me.
“He just started giggling uncontrollably over the phone!
“Fozzie, you’re 39 years old, this is insane, he exclaimed. I acknowledged that I was correct, but may I possibly have some guidance?
“I know you, and if you’re willing to spend four or five nights a week away from your family, go ahead, he continued.
I know you, though, and I don’t believe you’ll be able to spend nine months four hours away from my family.
Foster finally decided to reject Newcastle after some thought, calling the current Technical Director at the Magpies and former Albion Technical Director Dan Ashworth.
Foster also praised the former Albion coach in the highest possible terms, adding: “Are we all okay, Fozzie? he said.
“I stated I couldn’t sign because I had horrible news. I’m very sorry, but I have to be close to my family and all that.
“Dan Ashworth is a top man in any case; if every club in the nation had him, they would succeed because he is the gold standard.
“He remarked, “Fozzie, it was a tough call to make. I truly appreciate you doing it. If you had called the next day, when medical appointments were scheduled, we would have been sewn up, but good on you.” He was really calm about it.
Foster subsequently decided to end his lengthy playing career, during which time he had earned domestic accolades and had represented his country.
He hasn’t ruled out the possibility of playing on the other side of the Atlantic, despite having announced his retirement.
Added him: “Following that, I made my call because I realized it was time since, if I reject that offer, things won’t get any better.