The 36-year-old is back in training after an extended break following a record-breaking London 2012 where he became Britain's greatest ever Olympian with a fifth and sixth gold medal.
However he has put a strict embargo on all major racing for the foreseeable future, including a potential appearance at the Track World Championships in Minsk in February.
Hoy is believed to be posting more than respectable times in his short spell back training but doesn't anticipate making a decision until he has returned from a training camp in Perth over the winter.
One thing is for sure Hoy, who won the keirin and team sprint at London 2012 but was absent from the World Cup in the Glasgow velodrome that bears his name, isn't dreading the next few months.
But, despite the lure of a home Commonwealth Games in Scotland in 2014, Hoy insists he will let his body and not his heart make the decision on whether to continue until then or not.
"It's about whether my body can hold on," said Hoy - who reveals in his updated biography how he needed regular physiotherapy on a back injury in the build up to London 2012.
"I'll try to make the decision sooner rather than later. I don't want to leave it too late. I reckon I'll know by spring next year, having been away to Perth, done a bit of training, a little bit of racing in January and then getting back into it then.
"I'd be able to see whether my body's dealing with the training in the way that I'd hope. I'm not looking too far ahead just looking to get back into training in Perth.
"I'll be able to do some consistent training for the first time since the Games. I can't wait to get back into it.
"I always miss [training] at this time of year; it was the same after Beijing, same after Athens. You ride your bike for fun but you do miss it, the team, the support staff, and your rivals."