Federer, 31, had a fantastic return to form this season, winning the Wimbledon title for a seventh time to retake the world number one slot.
However, he has since suffered defeats in the Olympic final and the quarters at the US Open, and the Swiss master believes his body is paying the price for a run which has seen him play 69 matches so far in 2012.
"I need a holiday badly," Federer said after leading the Swiss to a Davis Cup play-off win over the Netherlands.
"I'm wounded, tired, and exhausted and need some time off right now and see where I go from here.
"Nothing has been decided for the rest of year, even though there is a plan in place, that plan might change. I need to go back to drawing board to see what's important."
Federer has had a remarkable season even by his standards, returning to the top of the pile after relinquishing the top spot two years ago in what seemed to be the start of a decline.
He has been helped by the physical struggles of Rafael Nadal and the inevitable calm after the storm of Novak Djokovic’s record-breaking 2011, but some of Federer's tennis has been magnificent, not least in his Wimbledon final win over Andy Murray.
However, Djokovic is back in form while Andy Murray – winner of the Olympics and US Open titles this summer – has emerged as a major contender after his well-documented struggles in the big finals.
With the added competition, not to mention the season-ending World Tour Finals in November, Federer admits he is not overly concerned by the Davis Cup.
"Not really a whole lot to be quite honest," Federer said when asked how much he valued the tournament.
"For me it’s more about taking part with my team-mates, I enjoy being with them, and that's about it really.
"I have a good time and my team-mates are all my best friends - I don't see them regular basis on tour and we have a great friendship and it’s always a lot of fun."