The Spanish coach left Manchester City at the end of the 2025/26 campaign after winning 20 major trophies across 10 years in English football.
Guardiola's exit came as a surprise to some at the club, as he still had a year left on his contract, with former assistant boss Enzo Maresca accepting the offer to replace him at the Etihad Stadium.
Talks to charge of the Italy national team did not lead to an agreement, and the former Barcelona boss will now follow his previous pattern of taking a year out of the game, before assessing his options.
"Pep will not coach any club or national team this season," his agent Josep Maria Orobitg confirmed.
The England job remains a possible option for Guardiola in future alongside a career-first coaching role in Serie A.