The former Manchester United boss was dismissed from the Old Trafford hot-seat after his side were beaten 3-1 at Liverpool.
Reports in Portugal on Saturday stated that Benfica were flirting with the idea of offering Mourinho a contract.
Earlier this week the club parted ways with boss Rui Vitoria after more than three seasons in charge.
He guided the Eagles to two Primeira Liga titles but a series of poor results saw the board decide it was time for a change in direction.
Now Record report that Mourinho has ruled out a quick return to management with his former club.
Mourinho’s coaching career started in Lisbon as assistant manager before taking over the reigns from former Bayern Munich boss Jupp Heynckes in 2000.
Benfica are currently 4th in the table, seven points behind leaders Porto.
Sporting and Braga also remain firmly in the mix but it will take something special for them to edge Sergio Conceicao’s champions.
The report suggests that Benfica made contact with Mourinho to try and convince him to return to the dugout.
The club were even prepared to offer the 55-year-old high wages to secure the appointment.
But with respect, Mourinho declined the offer by explaining that a return to Benfica is not in his plans at the moment.
He is said not have ruled out the idea of returning to manage in Portugal one day.
Mourinho is highly thought of back in his homeland and among most fans despite his allegiances to Porto.
He has since returned to Portugal where he was in the crowd to watch Victoria Setubal take on Santa Clara.
Former Benfica boss Jorge Jesus, who controversially left the club for rivals Sporting, has been linked with a return to the Stadium of Light.
He is currently in charge of Saudi Arabian side Al-Hilal.