The former Manchester United manager who was sacked in December, was offered the chance to return to his home country.
Benfica are on the hunt for a new boss, after sacking Rui Vitoria and considered Mourinho as the perfect man to take charge.
But Sky Sports claim Mourinho has rejected the chance to make a quick return to management this month.
The 55-year-old wants to manage at a top club again and thinks returning to Portugal is something reserved for the final chapter of his coaching career.
Mourinho made his name as head coach of Porto in his homeland, where he won the Champions League in 2004.
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