Five-time world champions Brazil offered Mano Menezes the coach's job on Friday shortly after original choice Muricy Ramalho's club Fluminense refused to release him.
If he accepts the offer, he will have a huge task in hand to inspire the Brazil national side to win their sixth Fifa World Cup as host in the year 2014. The spot has been vacant ever since Carlos Dunga was fired after Brazil had a disappointing show in the recently concluded Fifa World Cup in South Africa.
Muricy Ramalho had earlier been tipped to be the new head coach of Brazil national football team after the Fluminense coach met with Brazilian Football Confederation(CBF) head Ricardo Teixeira.
SporTV reports that Ramalho had met with Teixeira on Friday afternoon, when the coach was made aware of the CBF's interest in him succeeding former coach Dunga.
But hours later, Fluminense said that they wanted Ramalho to see out his contract, which runs until 2012.
"Muricy is going to continue at Fluminense, fulfilling his contractual commitments," club president Roberto Horcades told reporters.
Ex-Palmeiras head Ramalho currently tops the Brasileirao Serie A with his Fluminense side, and is highly rated in domestic football. He had previously won three national titles with Sao Paulo in consecutive years in 2006, 2007 and 2008.
"Mano Menezes will announce his decision at a news conference organised by his club Corinthians, tomorrow (Saturday), in Sao Paulo," said the statement on the CBF's website.