The 50-year-old says he'll manage in Portuguese football again at some point.
He joined the Owls last summer and almost led them to Premier League promotion in his first season in charge, but Wednesday lost the playoff final 1-0 to Hull City in May courtesy of a 72nd-minute winner from Mohamed Diame.
Carvalhal last managed in his homeland back in 2010 for a spell with Sporting Lisbon, and the 50-year-old says that he will return to Portugese football at some point in the future.
“I left Portugal, Sporting, in 2010," he said via The Sheffield Star.
"One day I will come back because it’s my country, but I do not know when. I do not plan on my career. My plan is to prepare for next season.”
The Sheffield Wednesday boss is adored by supporters and they will be devastated to see him leave any time soon. If last season was anything to go by, then the Owls might feel as if they can go one better next time around.
Their form in the second half of the campaign was superb and without it they would not have finished in the top six, but a quicker start in the Championship next season could make the world of difference to their top-flight aspirations.