Phelan, who left Old Trafford alongside Sir Alex Ferguson in the summer after 14 years at the club, has been linked with the vacant position at Middlesbrough following Tony Mowbray's departure.
Phelan initially took a role at United's Centre of Excellence in 1999 before being promoted to first-team coach in 2001 when Steve McClaren moved to take over at the Riverside.
He was then appointed assistant manager in September 2008 to replace Carlos Queiroz, who left to become the Portugal national manager.
"Obviously I hope that opportunities will come along, it's all about being in the right place at the right time, we shall see," he told Sky Sports News.
"Christmas is coming and a lot of things happen over that festive period, I may enjoy a Christmas at home for a change.
"Looking forward, I've got a lot to offer football so we'll wait and see.
"I'm 50 years of age now and I've served my time, so it's a case of pitch in at the highest level if you can and if that doesn't develop then we'll see where we are later on in the year."