Scolari hopes Portugal can go one better than 2004
Portugal stand on the threshold of making it to their first major final since their only one to date - Euro 2004 - with "just" France or Spain standing in their way at Euro 2012 after the Seleccao made it to the semi-finals.
And to a large degree they are harking back to an era opened up by Brazil's 2002 World Cup-winning coach Felipe Scolari, who between 2003 and 2008 turned an often under-achieving side blessed with manifold talents into a side which was able to compete with the best - even if silverware proved elusive.
"I am supporting them, of course," said 'Big Phil', who signed off for an ill-fated spell at Chelsea after the Portuguese went down to Germany in the Euro 2008 quarter-finals.
With experienced stars such as Luis Figo and Nuno Gomes on board and Cristiano Ronaldo blossoming after making his debut in 2003 Scolari looked as if he would oversee a first ever major trophy win in 2004 but the Portuguese fell to party-poopers Greece in the final in Lisbon.
Even so, looking at the side today, Scolari feels there are parallels and sees the current squad and coach Paulo Bento having built on his legacy in that "team work is what makes Portugal strong."
Since reaching the World Cup semi-final with Eusebio in their ranks in England in 1966 the Portuguese had done little of note before disciplinarian Scolari came along and so nearly gave them the title they craved.
Now Scolari believes that with Ronaldo having matured into one of the world's greatest talents they can go all the way.
On Friday he paid tribute to Ronaldo.
"He is a great person and a friend, he likes to joke - but he is a great professional," insisted the Brazilian, who sympathises with the Real Madrid striker in that rival fans constantly compare him with Leo Messi, who outscored him even though he managed a record season tally of 60 goals for Real.
"The only fly in the ointment in Ronaldo's life is Messi. Were it not for him Ronaldo would be the best player in the world five seasons in a row," said Scolari, currently coaching Palmeiras.
A by-product of the Scolari era in charge of the Seleccao was that Portuguese clubs began achieving greater things in Europe - Jose Mourinho leading Porto to the 2004 Champions League with the spine of the then Portugal side in Ricardo Carvalho, Costinha, Deco and Maniche.
At the 2006 World Cup they made it to the semis for the first time since the days of Eusebio but fell to Zinedine Zidane's France.
With Ronaldo having won the Champions League with Manchester United things looked promising for Euro 2008 but Scolari then made a surprise announcement that he would leave afterwards for Chelsea as he missed the day-to-day involvement of club coaching.
Since he left the post the Portuguese have struggled to rediscover their mojo - with the Germans beating them in 2008 and then Spain edged them out in the second phase at the World Cup two years later with Carlos Queiroz at the helm.
Queiroz then was removed in the wake of a poor start to Euro 2012 qualifying and the Portuguese had to go through the play-offs, defeating Bosnia after a campaign in which Ronaldo struggled to find his scoring touch.
Bento's men came here on the back of a shock home loss to Turkey in their final warm-up and then lost to the Germans in their opening match but Scolari has been more impressed since - though he warns that Ronaldo must not be made to shoulder all the burdens of the team.
"We can't expect Ronaldo to do it all on his own - nobody wins a match that way," the Brazilian noted after the striker's winner in the quarters against the Czechs.
But with the striker in this form and his colleagues gradually coming to the boil it could be that Bento will enjoy the coronation which Scolari targeted himself only to be denied at the last eight years ago.