"That would not have been sustainable". "Istill have to analyze everything because it has been four and a half years since Ilast worked for Bayern and football has changed since then", the Heynckes told the Rheinische Post newspaper.
Bayern are third in the Bundesliga, five points behind leaders Borussia Dortmund.
The German champions are now looking for a new manager and they have been linked with ex Barcelona boss Luis Enrique and former Dortmund coach Thomas Tuchel.
As per reports he will only be the helping hand only for this season as Heynckes will only stay at Bayern till season end.More news: The father of the Las Vegas assailant was a psychotic bank robber
"Clearly, if you go abroad to a top club, it means one more step in your development".
Ancelotti was instrumental in luring James to Bayern on an initial two-year loan deal from Real Madrid, having signed the Colombian attacker during his time in charge of the Spanish giants. After finishing runners-up in the Bundesliga, German Cup and Champions League in 2012, Heynckes led the team to the unprecedented treble a year later.
Retired since that date, the former international said quite in shape and able to take the position, but wants to study in the quiet of the proposal. He became the youngest Bundesliga coach in history when he took over Hoffenheim, aged 28, in 2016. The most important job that needs to be done is the one in the national league.
He did not say when he would make his decision.