The World Cup-winning coach could be in line to take over the managerial role at the Estadio de Alvalade after Ricardo Sa Pinto was sacked following a poor start to the season
The 63-year-old was sacked by Palmeiras last month and is supposedly keen on assuming another coaching role after Ricardo Sa Pinto's contract was terminated by the Portuguese side.
According to Chinese news agency Xinhua, Scolari will hold talks with his agent to determine the direction of his future.
"I do not know anything yet. Tomorrow I will meet with Jorge Mendes to find out if there are any proposals for me to decide," he revealed.
"If a club has not won a title for four or five years, they may approach a coach who appears to be a champion."
Scolari had taken up an advisory role with the Brazilian government in an attempt to promote the 2014 World Cup, but had a clause inserted in his contract which allows him to enter negotiations with clubs if an offer arrives on the table.
Sporting, the third most successful side in Portuguese football, have endured a torrid start to both their Europa League and Primeira Liga campaigns, where they currently sit one point above the relegation zone with six points from their opening six matches.