Hoy, who won a record-breaking sixth Olympic gold medal at London 2012, ruled out any prospect of continuing in professional cycling until the 2016 Games in Rio.
But the 36-year-old want to try to make the Scotland team for the 2014 Commonwealth Games and sign off on home soil.
He said after Sunday's Olympic and Paralympics Athletes' Parade in London: "I think I'll just leave it ticking over this year - still training and doing smaller races, nothing where you're going to potentially injure yourself.
"Then, about a year out from the Games, I'll make the decision. It wouldn't mean stepping from nothing up to flat-out training.
"It would be 80-90% of normal training, but nothing that would risk hurting yourself.
"But, certainly, up until Christmas, I'll just be riding the bike when I can, going to the gym when I get the chance - not a structured training programme - and we'll see how it goes."
Of changing his mind over Rio, Hoy added: "Definitely not Rio. I still had that 0.001% change I might be there but I just think what more could you experience, what more could you achieve, by going to Rio?
"You're never going to be able to top this.
"I've been able to do four Olympic Games. I'm very pleased I've fulfilled all my aims and goals in those Games."