Dorna and the Petronas Yamaha team have announced that there is to be an exceptional press conference at 16:15 local time in Austria. While no further information was given, the obvious conclusion is that he will announce his plans for the future at that press conference.
What that future is predictable, though not certain. It is most likely that Rossi will announce he will be retiring from the sport at the end of this year. He insisted earlier this year that he would make a decision in the first half of the season based on his results, and with only two tenth places as his best results, that would point heavily toward the idea of him retiring.
Much less likely is that he will announce he is to continue in his own VR46 team, sponsored by Saudi enterprise Tanal Entertainment. That would mean a switch of machinery, the VR46 team set to run Ducatis from 2022, and switching bikes at this stage of his career would be exceptionally challenging. It is not something to be undertaken if your aim is to immediately improve your results, as it takes time to adapt.
All this is speculation, of course. We will find out for certain what Valentino Rossi is going to do at 4:15pm local time in Spielberg. The press conference will be streamed live and for free on the MotoGP.com website.