Houllier ended his nine-month spell in charge at Villa Park after missing the end of the season following chest pains.
Having experienced heart problems during his time with Liverpool, he accepts he may have to follow doctors' advice if they counsel against a return to the dugout but would have liked to continue at the midlands club when fit again.
"We had a case of unfinished business (at Villa)," he told Radio Five Live's Sportsweek programme.
"There was an option of leaving the team to Gary McAllister, who was my assistant, and I would come back in September but the chairman and owner wanted to go another route and I have to respect that. We left on good terms, no acrimony.
"At the moment I just want to make sure I get fit again and then we'll see. But I will follow the doctors' advice and if the advice is not to get back into management I won't.
"The strong advice was not to go back to business until the end of September but they are happy with the recovery."
Houllier, who worked as the technical director of the French Football Federation before taking over at Villa, has suggested if full-time management is beyond him he would consider a less hands-on role within the game.
"I will still definitely be linked with football," he said. "It is my life, it is my oxygen and if I have to be involved in another way then I will."