"I am not leaving... I made a deal with the producers," the 28-year-old told Extra during the show's Monday night broadcast. "[The producers] were kind enough to give me a break and let me do it. I'll be back next season, all refreshed and ready to go."
Chmerkovskiy may appear in some of the professional dancers routines featured in Dancing with the Stars' sixth-season results shows and also make additional cameo appearances.
"I'm part of the Dancing with the Stars family and I know there's recurring appearances of people who were on seasons before," he explained to Extra. "So, depending on what the production people want, I told them I'm available for whatever they want to do."
Chmerkovskiy will be busy during his Dancing downtime. He choreographed the Wynn Hotel's La Reve theatrical water show in Las Vegas and is also finishing production on a new Dancing with the Stars fitness DVD with fellow professional Cheryl Burke.
In addition, Chmerkovskiy will continue to work with students at his Rising Stars Dance Academy in Saddlebrook, NJ this spring.
"It's one of those things I need to attend to; my domestic studios and my students -- their competitive careers," he told Extra. "I have three studios at home back East that need to be addressed."
As for rumors that he's two-stepping to the big screen, Chmerkovskiy said he'll keep his options open.
"We'll see," he told Extra. "There's a bit of acting here and there. I'll explore my options."