The 12-year-old was pulled up with over a circuit to go on his last start in the Cheltenham Gold Cup in March, but connections insisted they would let the dust settle before a decision on his future would be made.
Although many National Hunt horses have now returned to training in readiness for the new campaign, Kauto Star is still in the field, accompanied by now-retired stablemate Denman.
Trainer Paul Nicholls said: “We haven’t made a decision yet and basically we’re in the same position as we were this time last year.
“He’s out in the field at the moment. He’ll probably come into the yard in the next week to 10 days and he’ll be paraded at the owners’ open-day early next month.
“We’ll get that out of the way and then me and Clive (Smith, owner) will discuss what we’re going to do.
“We haven’t made a decision yet and once we have we’ll let everyone know.”
Smith said: “We are just leaving him in the field for the moment.
“He is out with Denman enjoying himself and relaxing.
“At the moment we’re looking forward to Paul Nicholls’ open-day on September 2. Kauto will be paraded there. We are considering things all the time.”
Smith’s other star horse, dual Champion Chase hero Master Minded, has already been retired after suffering a career-ending tendon injury in last season’s King George at Kempton on St Stephen’s Day.
“He obviously won’t run again but he’s out in a field at the moment with a horse called Rigmarole,” said the owner.
“He’s having a nice, relaxing time and seems happy.
“He might be able to do something in a year, but he won’t be racing, obviously.”