There is no facility to set a limit based on file size. It is, however, possible to set a rolling log file that will be created daily.
rolling_file is a boolean which specifies that the logging plugin is to use a rolling file to prevent the local log from growing
indefinitely. In this model, the stream appends the current date to the configured filename.
This produces a complete filename—for example:
/var/adm/art.log.02171999
A new file begins with the first event of the day and ends at 23:59:59 each day.

The default behavior is true. To disable rolling file behavior, set this variable to false. For example:
plugins:local_log_stream:rolling_file = "false";