This week, Ferrari confirmed reigning MotoGP world champion Rossi would drive their F2008 car later this month but he said he does not see his future in F1.
"When I finish with bikes, I might want to see some seasons in rallying," said the 30-year-old, who has one year left on his contract with the Yamaha team.
"F1 would've been easier but when I finish MotoGP, I'll be too old for F1."
On Wednesday, Ferrari team chairman Luca di Montezemolo confirmed that Rossi would be driving one of their cars in Barcelona, as a reward for winning his ninth world title last season.
606: DEBATE Your thoughts on Rossi's future He also mentioned the prospect of running a third Ferrari in F1, and when asked if it might be driven by Rossi, he said "Never say never".
"There has been a lot discussed about a third car and this could be a hypothesis of an interesting improvement for the whole world of F1, even more if as a result Rossi had the possibility to race in our sport."
But the Yamaha rider's comments seem to rule out the possibility of anything long-term happening with Ferrari.
"There are not many changes in a man's body between 22 and 34 so I still have some time left," he said.
"I would consider shifting to cars, probably rallying, after that before I finally decide to take it easy."
Rossi has competed in several rally events in the past, most recently in November when he finished second in the Monza Rally.
It will be a sad day if 'The Doctor' ever joins F1. But it'll be an even sadder day when he hangs up his race leathers and says no more ;-( can't wait for the new season to start, come on Bradley smith its your season this year Al
I will miss young Rossi in the MotoGP - but will start watching rally racing if he moves to that - which has been his biggest indication for his future career for many years.
He has always stated that F1 is too corporate for him, and he wouldn't like it without the degree of freedom and input he enjoys with the bikes.
I already have a mild interest in rally, but if the Doctor was to race - well - it's a no brainer - I will be an avid fan !!!!!
Report in todays MCN.
This is his 6th outing in an F1 car, he ended up just 1.2secs off the lap record.
Maybe a lot in F1 terms, but that's a hell of a performance, under the circumstances
Still unlikely to see a career change tho.