The 55-year-old had indicated that he would announce his decision this week but it now appears as though the Blues will have to wait a little longer for him to make it official one way or the other.
Brands has admitted to being courted by Everton as they seek to at least bolster the recruitment side of their management staff following last summer's disappointing transfer dealings.
It is assumed that he would take up a sporting director role at Finch Farm, either in tandem with or in place of Steve Walsh, but nothing has been confirmed.
Brands has said he would find it a wrench to leave PSV where he has enjoyed considerable success, including this season's Eredivisie title, and that, perhaps, explains why he is taking extra time to mull over a change in scenery.
"I will decide after the season what I'm going to do," Brands told ED in the Netherlands.
"Now everything is great in Eindhoven and it would be a very difficult decision to leave PSV. I have seen good and bad times in recent years and, to be honest, at times it was a lot less fun than now.
"That is true in every club, of course. In addition to the fact that you are in such a situation, you have to justify yourself regularly. I never ran away from it because it's part of the job."