Reports in Portugal claim that the 55-year-old was sounded out by Benfica after they sacked Rui Vitoria, only for Mourinho to rebuff their interest.
Any move for the experienced boss would likely have been a complex undertaking given Mourinho's considerable wage demands, but it is believed that Benfica chiefs were prepared to give the deal the green light before their interest was knocked back.
Vitoria's three-and-a-half year spell in charge of the club came to an end last week following a disappointing run of results, with the club immediately turning to Mourinho.
Mourinho himself has been out of work since mid December, when he was relieved of his duties at Old Trafford following a 3-1 humbling at the hands of bitter rivals Liverpool.
A move to Benfica would have marked a return to one of Mourinho's former stomping grounds, with the Portuguese having stared his managerial career with the 'Eagles' before a disagreement over a new deal brought about the end of a brief stay at the club.
However, it is believed that Mourinho thinks it is too early in his career for him to return to his homeland, with the former Real Madrid and Intewr Milan boss reportedly eyeing another top European job.