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."
Having made the call to go for an MBA, Latifi said he spent time researching where the best place to study was and preparing his applications, with his bid to go to London now accepted.
"This was not an easy process and took many months! Anyone who has experienced the journey of applying to a business school knows how difficult it can be," he said.
"After a five-month journey from starting the process, I am pleased to say that my candidacy was accepted for a place in the MBA program at London Business School (LBS), which I will be starting in August of this year."
While Latifi would have had plenty of options to return to competition, he felt that having lost his place in F1 meant that now was the perfect chance to pursue his other career interest.
He added: "This decision may seem surprising to a lot of people. Transitioning to a different racing category might have seemed the most obvious move.
"However, I knew there would always be a life post-racing at some point, and I decided that now might be a good time to prepare myself for that."
And while the MBA may take up his life for the next few years, he has not ruled out eventually getting back behind the wheel.
"This is not necessarily a goodbye to the racing world forever," he said. "Racing has been my life since the age of 13 and is still something I am extremely passionate about.
"I haven't missed watching an F1 race yet this season! However, I felt like this year was the right time to explore and pursue other avenues in my life.
"I'm very much looking forward to this next adventure and want to thank everyone who has supported me throughout my career thus far. I hope I can continue to have your support as I take some time to pursue a different path."
