What do you mean? The states are fully observable (current array of tokens), and using an LLM we calculate the probabilities of moving between them. What is not MC about this?
MC have constant and finite context length, their state is the most recent k tuple of emitted alphabets and transition probabilities are invariant (to time and tokens emitted)
You can certainly feed k-grams one at a time to, estimate the the probability distribution over next token and use that to simulate a Markov Chain and reinitialize the LLM (drop context). In this process the LLM is just a look up table to simulate your MC.
But an LLM on its own doesn't drop context to generate, it's transition probabilities change depending on the tokens.