A spokesman for Scolari said the tough-talking Brazilian, who is also known as Felipao, or Big Phil in English, had opted to stay in Europe with his family but was yet to decide whether he will stay on with Portugal.
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Portugal reached the World Cup semi-finals under Scolari, while five-times world champions Brazil were knocked out of the tournament by France in the quarter-finals.
Scolari pays tribute to France
Scolari says Portugal can turn the page
Scolari doesn't rule out England job
World Cup record for Scolari
The Generals in Germany