The 28-year-old striker has played a bit-part role in 2013-14, finding himself down the pecking order after the January arrivals of Nikica Jelavic and Shane Long.
Fryatt did not start a single Premier League game this term, scoring twice in 10 substitute appearances as well as netting four goals in Hull's run to the FA Cup final.
"I'm genuinely not sure what happens next," he told the Hull Daily Mail.
"It's good to know (that manager Steve Bruce wants to keep him) so we'll sit down and talk.
"We'll wait and see what is said. I honestly don't know where I'll be next season but looking back at this season it's oddly been a good year.
"I finished the season as the top scorer without starting a Premier League game, but I've now scored in all the domestic leagues and cups. That's an achievement I'm proud of.
"I've played against the top sides and in a FA Cup final so I'm obviously very proud of that as well."
