Palmer acknowledges the fans as he walks up 18th for the last time

The 74-year-old American won the tournament four times between 1958 and 1964 but has not made the cut at Augusta since 1983.

Palmer, who had his grandson as his caddie, received a standing ovation as he walked up to the 18th green for the final time.

"It was a great week - the fans have been so supportive," said Palmer.

He added: "When I look out into the galleries and see them wishing me good luck, I think how much I owe them."

Palmer said he was still unsure what role he would take at future Masters tournaments, but admitted he was determined to stay involved in some capacity.

"I enjoy coming here and being a part of this so much," said Palmer.

I've been out here a long time and I have no regrets Golf legend Jack Nicklaus Nicklaus drops Augusta hint

"I will give that some serious consideration. I could be the honorary starter and I've got so many friends here that I think it would be empty for me not to be here."

Palmer's old Masters rival Jack Nicklaus also gave a highly creditable performance as he carded his second straight round of 75.

The 64-year-old has suggested that this may also be his last competitive round in the Masters.

But the six-time winner gave some reminders that his formidable talent is still there, hitting a wedge from 84 yards to within a few inches at the last to a rapturous reception.

"I could well be done," said Nicklaus. "If I don't play next year, it's no big deal. I've played 44 Masters. I've been out here a long time and I have no regrets."

Three-time Masters champion Gary Player finished his second round with an 80, improving on his opening 82.