The track cyclist won two gold medals at London but is unsure whether he wants to keep competing until 2014.
"It is a big decision and it's not one I'll take lightly,'' he said before taking part in the Olympic victory parade in Glasgow.
Hoy, who plans a holiday in November, has maintained a training regime. ''The important thing is to keep it ticking over, because if I stopped now and did nothing for the next six months it would be almost impossible to start up again.
"It means you can keep it simmering away, and then when it comes to the point where you have to make a decision you'll be able to make it and be able to start back up into full-time training relatively easily."
He admitted that the victory parade in Glasgow had made it tempting to carry on, saying: ''Just about any time you see footage from the Games in London, you just think: 'I want to get back out there'. I loved it so much: being out in front of the crowd and performing, and just the competition, being part of the team. The whole process, not just the racing.''
Of Glasgow 2014, he said: ''I would love to be there, if it was up to me. It's my body that's really going to make the choice, but if I can continue, I will. But it's really down to staying away from injury and being in one piece.
''I won't be racing this season properly. It will be small races, exhibition and fun races, until maybe summer time next year. That will be when I make the call. I'll know then whether I'm able to go on."
The cyclist has been named the first official ambassador for the Glasgow Games and he was sure the London experience would be beneficial for the Commonwealth Games.
''People will have more faith in what the Games can bring to the city and to the country,'' he said, referring to the way London overcame scepticism to be regarded as the best Games in history.
''It is all going to be very positive and I am sure it will be a fantastic event. It is nice to have it to look forward to because everyone is a little bit down now because the London Games are over. After the Olympics there was the Paralympics but that is past now and these are exciting days to experience. It is nice we have something to look forward to,'' he said.
In contrast, Michael Jamieson, the 200 metres breaststroke silver medallist, has no doubts about preparing for 2014.
''I was down at Tollcross today to see the progress. It's going to be such a great venue,'' he said of the swimming arena. ''They're putting in another temporary stand, it's going to be huge and the atmosphere is going to be fantastic.''
The only obstacles to his participation are injury or non-selection.
''The way British breaststroke has gone in the last few years, you need to be ranked in the top eight just to make the team for these majors,'' he said.
'So there is a lot of work to be done between now and March, when the qualification meet is. The world championships are next July in Barcelona and that's the main target over the next 12 months. But a home Commonwealth Games is definitely at the forefront of my mind.''
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