It was expected that a decision would be made one way or the other after a meeting between the Bleus boss and French Football Federation (FFF) president Noel Le Graet on Thursday.
However, Blanc revealed after the talks that both parties had decided to take more time to consider their respective positions.
"We had a meeting," the former France international told reporters. "He [Le Graet] had important obligations. That's why it lasted so long. The interview took place in two stages.
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"We discussed things and each of us said what we thought of the situation. We did the technical analysis of the Euros. And, as a result of this reflection, we have put an additional 48 hours on the deadline.
"I said what I had to say to the president. And the additional 48 hours of reflection will allow us to decide on what to do.
"We have a lot of common views. But then, it is also a personal decision. We will continue talking this weekend. You [press] will be informed further at that time."
Blanc, who took charge after the 2010 World Cup, led France to the quarter-finals of Euro 2012 but their campaign was overshadowed by reports of in-fighting and Samir Nasri's clashes with the press.