McLaren made the decision to cut the Australian's contract short, which means he is without an F1 seat for the 2023 campaign.
It was thought that the experienced F1 pilot may be given an opportunity at another team, but following the confirmation that Pierre Gasly will be filling the vacant Alpine seat Ricciardo has conceded he won't be on the grid in 2023.
"The Gasly news I was aware of," said Ricciardo, as quoted by Motorsport.
"I knew they were they were talking for a while, and I knew they were very interested in Pierre. Let's say I was prepared for that, and no surprise.
"We were trying to let's say navigate our way around that, and figure out what was next. But I think the reality is now I won't be on the grid in '23.
"I think it's now just trying to set up for '24. I think that there could be some better opportunities then. So that's really what all this confirms, and now where the sights are set."
Asked whether he would try his hand at a different racing challenge like NASCAR, Ricciardo made it clear that his focus remains on F1.
"Certainly, the plan is still to be involved in F1," he added. "I'd say this is kind of like just hitting pause for a little bit, as I see it, let's say, as far as my F1 career goes. It's like the full intention is for '24.