(CNN) -- Luiz Felipe Scolari is "obliged" to win the 2014 World Cup following his appointment as coach of the Brazil national football team for a second time on Thursday.
Scolari led "La Selecao" to a record fifth World Cup triumph in Japan and South Korea 10 years ago and the former Portugal coach will be expected to win the trophy once again when Brazil hosts the tournament in two years time.
"We have the obligation to win the title; we are not favorites at the moment but we intend to become favorites during the competition," Scolari told a press conference after it was announced he would replace the sacked Mano Manezes.
"Third or fourth place is no good for a country that has won five World Cups."
Scolari, who had an eight-month spell in charge of English Premier League team Chelsea, is not the only World Cup winner returning to the fold.
Carlos Alberto Parreira, the coach of Brazil's victorious USA 1994 squad, has been named the team's technical director.
Scolari will be under pressure to deliver in 2014, with fans eager to avoid a repeat of the 1950 World Cup when Brazil lost out to Uruguay in the final match of the tournament.
But Scolari was bullish, declaring: "If you don't like pressure, it's better to go and work in the Bank of Brazil, or outside on the corner or sit in an office and do nothing.
"It would not be right if there was no pressure and the players thought the target was just to play at the World Cup. This would be one of our most important titles -- the sixth title, at home at our second opportunity."
Scolari's first spell as Brazil coach began in 2001. The team was struggling to reach the 2002 World Cup with just five matches of the qualification competition remaining.
But Scolari turned it around and one year later, led by the attacking talents of Ronaldo, Rivaldo and Ronaldinho, Brazil lifted the trophy.
"It would have been the first time that Brazil would have missed a World Cup, that was when I felt under pressure," the 64-year-old said when asked about his last spell in charge.
Scolari has been out of football since being sacked by Palmeiras in September, with the club relegated to Brazil's second tier following his departure.
Prior to his two-year spell in Sao Paulo, Scolari spent a year coaching Bunyodkur in Uzbekistan following his dismissal from Chelsea in February 2009.
Scolari's last international role was with Portugal, who he led to the final of Euro 2004 and the semifinals of the 2006 World Cup.