The Egyptian is highly respected for winning the elite continental title on three occasions as a coach, only the first man to do so by leading the Pharaohs to glory in 2006, 2008, 2010.
The 69-year-old is also just the second person to win three Afcon titles as a coach after Ghana’s Charles Gyamfi.
“I don’t think about retirement,” Shehata said, according to Kingfut.
“I have received offers from the Nigerian and Ghanaian national teams, but the negotiations have broken down.
“I want to take a break until end of the season after leaving Petrojet.
“I have several offers from African and Arab national teams, but I will not reveal them now.”
The GFA eventually appointed James Kwesi Appiah to succeed departed Avram Grant as coach of the Black Stars.