The young German coach was sacked by Bayern Munich last week amidst a competitive Bundesliga title race for the first time in years.
The 35-year-old is considered coaching prodigy by many and Bayern Munich captain Joshua Kimmich recently stressed that he is one of the best he has worked with.
Tottenham, who sacked Antonio Conte on Sunday night, are interested in bringing in Nagelsmann as their new manager ahead of next season.
But according to German daily Bild, the former Bayern Munich boss will not make any decision on his future any time soon.
He wants to take a break until the summer and stay away from football for the time being.
Nagelsmann wants more time to assess his options before taking a call on his next coaching job.
Spurs are lying in wait but there are likely to be more clubs interested in Nagelsmann by the end of the season.
He was in his late 20s when he became the head coach at Hoffenheim in 2016 and also managed RB Leipzig for two years.
Bayern Munich paid a fee of €25m to Leipzig in order to take Nagelsmann to Bavaria in 2021, but the gamble did not work out.