The former Chelsea star is set to leave the club after eight years.
He will become a free agent when his contract expires at the end of this month.
As a result, the 33-year-old played his final match for Shanghai on Tuesday night in the AFC Champions League.
Oscar scored an equaliser from the penalty spot in a 1-1 draw at home to Gwangju.
After the match, he was serenaded by supporters as they chanted his name and asked him to stay.
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The Brazilian appeared visibly emotional as he covered his face, whilst his team-mates also joined in with the chants.
Oscar managed to hold himself together to wave at the crowd and clap the supporters during a heartfelt goodbye.
Since signing for Shanghai from Chelsea in 2017, he has scored 77 goals and provided 141 assists in 248 appearances.
During that time, Oscar has also won three league titles as well as a Chinese Cup and Super Cup.
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The veteran playmaker was even made captain in 2021, having earned approximately £160million from his reported £20million-a-year salary during eight years in China.
A rumoured return to Brazil could now be on the cards for Oscar, with former club Internacional linked with a move.
He previously spent two years with the side before his move to Stamford Bridge.
In five years in West London, Oscar made 203 appearances for the Blues, scoring 38 goals and adding 31 assists.
The midfielder also won four trophies during that period, including two Premier League titles and the Europa League.
He even hinted at a possible return to Chelsea in May last year.
Speaking exclusively to talkSPORT, Oscar revealed he 'dreams' of playing for the Blues again before he retires.
He explained: "Of course, it's a dream to come back to Chelsea because everyone knows the passion that I have for this club.
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"It's the same passion I have for Shanghai. It's the two clubs I have played at for a long period."
Oscar leaves the Chinese outfit off the back of a second league title in a row.
The Red Eagles also sit seventh in their AFC Champions League table thanks to his penalty on Tuesday night.