The Italian enjoyed five years with Serie A giants Juventus but parted company with the Old Lady over the summer, as Maurizio Sarri made his way to the Turin outfit.
Allegri has been linked with the job at Bayern, who are considering their options following the sacking of Nico Kovac.
Any hopes of potentially landing Allegri in the coming weeks have now been dashed, with the 52-year-old adamant he won't consider his next move until the end of the season.
"In June. I don't know if you can call it a sabbatical or not," Allegri told ESPN FC when asked if he is hungry to get back into management.
"Giovanni [Branchini, Allegri's agent] and I immediately came to that decision. As soon as the relationship with Juventus came to an end the decision was to take a year out."
He added: "Next year will be an important year. Important for the choice I end up making and the need to be prepared for it. After a year out and five years at Juventus, I don't want to go back into the game and do badly. That would do my head in."
Bayern, who currently have Hansi Flick in charge at the Allianz Arena, are also thought to be considering a potential move for Mauricio Pochettino following his departure from Tottenham last month.