The Brazilian has been out of work since he was sacked as Chelsea boss in February this year and could make a surprise return with the African side.
After qualifying for their first ever World Cup in 2006 the former Portuguese colony have failed to make the World Cup in South Africa after finishing second behind Benin in a round two mini-league.
But the Angolan Football Association are eager to have a renowned coach in place before they host the African Nations Cup in 2010.
"(The) Angolan federation has already agreed to the financial terms of the coach," reported the Portuguese newspaper Sol.
The paper went on to say that Scolari would make his decision once he had undergone a fact finding trip to the country based in South West Africa.
The former Chelsea chief has experience of managing national teams before having guided Brazil to World Cup glory in 2002 and Portugal to the final of the European Championship in 2004.