He is, however, to take a break from the dugout before looking for another job ahead of the 2018-19 campaign.
Ancelotti told reporters at a charity match in Jerusalem: “I will rest for the next 10 months, so no other teams.”
Following his dismissal by Bayern, the German club’s president, Uli Hoeness, suggested that Ancelotti had lost the support of several senior players, making his position untenable.
Quizzed on those comments, he said: “It’s best to stay quiet on that.”
While he now finds himself without a team, Ancelotti is already being linked with sides across Europe.
A second stint at Chelsea has also been rumoured, with current Blues boss Antonio Conte admitting that he will head home at some stage.
Arsenal are another side to have been discussed, with Ancelotti reported to fancy a stint at Emirates Stadium.
During his previous spell in London at Stamford Bridge, the experienced tactician landed a Premier League and FA Cup double.
The Gunners did, however, hand Arsene Wenger a new two-year deal over the summer so he would need to be removed from his post in order for the door to open to Ancelotti in 2018.