The 'My Generation' hitmaker thinks it is time he and singer Roger Daltrey go their ''separate ways'' once their current tour - 'The Who Hits 50!' which was staged to celebrate their 50th anniversary -comes to an end.
He said: ''I think I will stop after this year. When this tour is over, we'll probably both go our separate ways. So it's to demonstrate that even this particular gang can grow old - not necessarily gracefully, but can grow old ungracefully, or whatever it is that we're doing.''
However, the 70-year-old musician doesn't think it will mean the end of his collaborative relationship with frontman Roger Daltrey.
He added in an interview with MOJO magazine: ''I think Roger and I will do odd things together.
''I hope that one day I can write him an album of songs that suit him and the record company won't demand that we call it The f***ing Who, but I've got a bad feeling about it. I think that if I wrote Roger a bunch of good songs, our manager would say, 'Why not call it The Who? We'll sell double as many records!' ''
And the 'Baba O'Reilly' hitmaker insists he and his 71-year-old bandmate still enjoy a great relationship, despite constant speculation they often argue.
He said: ''Roger and I were both so upset when the English newspapers decided that we were feuding - big headlines: 'Roger And Townshend Feuding.' Because it's just not the case.
''The acceptance of each other's eccentricities and differences has brought us to a really genuine and compassionate relationship, which can only be described as love. And that's something to demonstrate, because this is two old guys in rocking chairs. As Roger says, we're lucky that we're not in some old people's home and that we can do this now.''
The Who top the bill at Barclaycard presents British Summertime Hyde Park in London tonight (26.06.15) and they will close the Glastonbury Festival as headliners on Sunday evening (28.06.15).