Wilson, who has been racing for 10 years, told CBS Sports Radio on Thursday that he hasn't ruled out a return to baseball, but that for now his focus will be on C.J. Wilson Racing, the sports car team he owns that competes in racing series in North America.
He also recently purchased BMW, Audi and Porsche dealerships in Fresno, California.
"I decided that it was the time to make the jump to commit fully to that," Wilson, 36, told CBS Sports Radio. "I still keep myself in shape, I'm still working out and all that stuff. I just tell everybody that I signed with C.J. Wilson Racing instead of signing with a baseball team."
Asked if he would consider returning to baseball, Wilson stopped short of giving a definitive no.
"I don't know," he said. "If the situation was right, maybe. But I think at this point right now, I'm here at the dealership, I'm working out, I'm racing. I'm focused on that.
"That's the most attractive offer I had, was to race this year. If somebody came along this offseason and said, 'What we really need is someone crafty with good hair,' then maybe that would change."
Wilson missed the second half of the 2015 season after undergoing surgery to remove bone chips and bone spurs in his left elbow. A shoulder injury cost him all of 2016, which was the final year of his five-year, $77.5 million contract with the Angels.
Wilson has compiled a 94-70 record with a 3.74 career ERA in 11 seasons with the Texas Rangers and Angels.