The Canadian, who started 61 F1 races for Williams with a career-best result of seventh in the 2021 Hungarian Grand Prix, has stayed away from the spotlight since losing his seat at the end of last year.
Having decided that he did not want to switch to other racing categories in the short term, he has now revealed that he plans to do something completely different.
In a post on social media on Tuesday, Latifi said that he has spent this year weighing up his career options and decided that he wanted to step away from racing completely to go study.
"I decided very early on in the year that I wouldn't have any racing plans for 2023," he wrote. "It definitely felt very strange not having the same routine I'd been in for over half my life.
"Knowing that I wouldn't be behind the wheel of a race car this year, I had obviously begun to think of what could be next for me, whether that involved racing or something completely different.
"I decided that for the immediate future, I wanted to take some time and pursue a different avenue and focus on another path.
"Growing up, I always had a keen interest in the world of business, and I always said it was something I would've studied at university had I not gone the racing route.
"With that in mind, and knowing I might be taking a break from racing, I decided that I want to pursue an MBA degree and focus on something that would transform the next phase of my life. An MBA was always something that I had contemplated doing post-racing life, even if that had been into my late 30s and early 40s."
Source: Autosport