The 49-year-old began his managerial career at Sporting CP and won two Portuguese league titles before being appointed as Portugal's head coach in 2010.
Bento was sacked following Portugal's group stage exit at the 2014 World Cup and subsequent home defeat by Albania in the opening match of the 2016 European Championship qualifiers.
He then had short spells at Brazilian side Cruzeiro, Greek side Olympiakos and most recently Chinese Super League side Chongqing Lifan.
Bento was appointed as the head coach of Chongqing in December but was fired last month with the team sitting 12th in the league standings and knocked out of the Chinese FA Cup.
Shin, who took charge of South Korea in 2017, led the team to a historic win over Germany at the 2018 World Cup but stepped down after the tournament, following the Taeguk Warriors' failure to progress to the knockout stages.
(Reporting by Aditi Prakash in Bengaluru; editing by Sudipto Ganguly)
