Carlo Ancelotti will take a break for the rest of the season and return to coaching in 2018-19, the Italian said.
Ancelotti was sacked as Bayern Munich coach on Thursday after the Bundesliga champions' poor start to the campaign.
The 58-year-old was quickly linked to Arsenal and AC Milan, but said on Monday he would take a break.
"I will take a break now for the next 10 months," Ancelotti said at a charity event.
"I won't take over a new team."
Ancelotti lasted just over a year at the helm of Bayern, leading the club to their league title in 2016-17.