The host nation saw their hopes of progressing to Sunday's final in Rio brutally dashed on Tuesday as the South Americans slumped to their heaviest defeat in 94 years.
A defiant Scolari has come out swinging against suggestions that he should be sacked and will oversee Brazil's third-place playoff with the Netherlands tonight.
"It's the most significant defeat in the history of football, and not only that of Brazil," he told RMC Sport.
"You lose 7-1 at home, if you have a little bit of honour... If I had been the coach, I would have taken my decision at the end of the game.
"I would have resigned, with all my staff. It's impossible Scolari be at the stadium on Saturday with Parreira, with the Brazil team."
Kickoff in Brasilia tonight is scheduled for 9pm.