Fourth-year coach Toovey didn't rule out a return to Brookvale in a non-coaching capacity.
"Not in the short term, [but] this club's been for nearly 28 years a part of my life - longer than most of the players have been alive - so I can see possibly something in the future," he said.
Asked whether he would coach again, he said: "It's too early for me to announce anything like that.
"I need a bit of a break. I've had probably one week off in the last four years so I need to take some time and maybe take a breath for a while."
Manly chairman Scott Penn blamed the club's poor season for Toovey's axing, but also pointed to last year's decision to release long-time servant Glenn Stewart as a contributing factor.
"That hasn't necessarily been the sole factor, but that certainly did disrupt the playing group at that point in time," he said.
"There were decisions made last year which led to us not performing as we should have in the finals. And that was one of them."
Penn said he was also upset by a statement released by the Manly Warringah Rugby League Football Club board, who described the decision to axe Toovey as "bewildering".
The football club holds two of seven spots on the Sea Eagles Limited board which is controlled by Penn and his family.
Penn stressed that the MWRLF owned less than 10 per cent of the club that is wholly funded by his company.
"Their release yesterday was very disappointing, because that's an emotional response," he said.
"This is a business decision that we believe is in the best interest of the business going forward. And their emotional response doesn't help it."
- AAP
