The 63-year-old writer-and-director has long voiced his plans to retire after making his tenth movie, but he's currently busy on his upcoming stage show The Popinjay Cavalier - which will open in London's West End next year - and admitted it will be some time before he returns to his screen career, though he does have one potential idea in mind.
Speaking on Friday's episode of The Graham Norton Show, he said: "I've written a script I could do that I really like, but I want to do the play and see who I am then. I'll then go back and spend time with my family and live a little and then see what I want to do."
The Reservoir Dogs filmmaker - who has Leo, six, and Adriana, four, with pregnant wife Daniella Pick - initially began writing The Popinjay Cavalier as a potential movie, but realised it would work better as a play.
He said: "I've been wanting to write a play for a while, and I came up with this idea. I began writing it as a screenplay, but once I figured out everything on the page it really worked as a play and I thought, 'this could be the one.' I am very happy with the results.
"It stars Sacha Baron Cohen but I want to keep the story a little under wraps but it's jumping off from the swashbuckling movie genre with a French farce quality to it. I think it will be thrilling."
Meanwhile, Tarantino admitted he is proud that the adjective 'Tarantinoesque' has been included in the Oxford English Dictionary.
He said: "I always wanted to make my mark as a writer, and I think that kind of officially counts as that."
Last year, The Once Upon a Time in Hollywood director launched into a rant about the state of the movie industry and why writing for theatre would be a more rewarding experience.
He said at the Sundance Film Festival: "That's a big f****** deal pulling (a play) off, and I don't know if I can. So here we go.
"That's a challenge, a genuine challenge, but making movies? Well, what the f*** is a movie now? What - something that plays in theatres for a token release for four f****** weeks? All right, and by the second week you can watch it on television.
"I didn't get into all this for diminishing returns. I mean, it was bad enough in '97. It was bad enough in 2019, and that was the last f****** year of movies.
"That was a s*** deal, as far as I was concerned, the fact that it's gotten drastically worse? And that it's just it's a show pony exercise.
"Now the theatrical release, you know, and then like yeah, in two weeks, you can watch it on this (streamer) and that one. Okay. Theatre? You can't do that. It's the final frontier.
"They pay a lot of f****** money to get into that seat, there's no f******* taping it, there's no cell phone, you own the audience for that time. They are all yours, they are in the palm of your hand. It's not just about doing art, it's about wowing them, it's about giving them a great night out.
"This to me is f****** existing. It's the last frontier."
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