The Portuguese coach is in talks with the club over a return, six years after he left, according to the Guardian.
The paper report that he would be willing to take on the role again even in the absence of the Champions League next season.
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The reputation of the Premier League means it is the most popular and one of the most watched leagues in the world.
Five English clubs will compete in the last sixteen of the Champions League for the first time ever as Liverpool, Manchester United, Manchester City, Chelsea and Tottenham face some difficult away matches.