Anthony Mundine has no vision in his left eye and will spend at least a week in hospital as doctors try to determine the extent of a severe infection before any decisions are made about his boxing career.
Mundine picked up the infection in New Zealand last week, apparently after cleaning a contact lens with his mouth.
He said he was contemplating life without boxing.
"Yeah, not just boxing but any sport really, sport's a big part of my life (but) I'm just happy I've still got my life," Mundine told the Nine Network.
Mundine's manager Khoder Nasser said the 32-year-old would spend "at least" the next seven to 10 days in hospital in Sydney as medical staff treat the problem that has left his career in limbo.
Mundine is the current WBA super middleweight world champion, having most recently defended his title in June with a points decision over Argentine Pablo Zamora Nievas on the Gold Coast.
"They're just fighting a severe infection at the moment," a clearly concerned Nasser told AAP.
"The infection's that severe they're just going to have to fight that first before they can tell what's going on.
"He's definitely going to be in hospital for at least the next seven to 10 days, that's a minimum.
"It's pretty serious, that's why he's in bed in hospital."
Asked if Mundine had any vision out of his left eye, Khoder replied: "At the moment no, not at all."
The boxer's eye specialist John Males was not optimistic about his recovery prospects.
"It is unlikely that he will regain full vision in this eye," Males told the Nine Network.
"We're doing our best at this stage to treat it and minimise the effects of this condition on his eye."
The condition could be a major setback for Mundine, who is poised to earn a shot at some mega-money fights in the near future.
Current WBA super champion Mikkel Kessler, who won a points decision over Mundine in Sydney in 2005, as well as undefeated WBO champion Joe Calzaghe were among Mundine's targets over the next 18 months.
Kessler and Calzaghe are due to meet in a super middleweight unification bout in November at Cardiff's Millennium Stadium and Mundine was hopeful of facing the winner.
That fight would be sure to carry a multi-million dollar purse for Mundine, but the former rugby league star's career is now on hold.
Nasser wasn't prepared to make any statements on Mundine's career, waiting for an assessment from medical staff.
"I'm not going to make any rash comments myself," he said.
"I'm not a doctor. I'm just waiting for them to make a call."
Mundine, who is a two-time WBA world champion as well as a former NSW State of Origin representative, is acknowledged as one of the country's most gifted natural athletes.
Nasser admitted that being confined to a bed was doing little for Mundine's state of mind.
"It fluctuates, it really fluctuates," Nasser said of Mundine's mood.
"He's an athlete. He's always on the go - he's never bedridden."