The Australian, who moved to India in May 2012 to take up a position as an academy coach, was later entrusted with the duel task of looking after the under-23 side and AIFF's development outfit Pailan Arrows in the I-League.
Papas is reluctant to go for a long-term association with the AIFF as he has received offers from clubs in Thailand and the United Arab Emirates.
"To be honest I'm quite comfortable with a one-year contract. I've been offered a three-year extension with a really good pay increase, but I've never been in football for the money," Papas told 'goal.Com'.
Before his arrival in India, the 32-year-old held roles at A-League clubs Melbourne Heart and the Newcastle Jets.
Under Papas' guidance, the Arrows are placed a reasonably impressive seventh on the I-League table after 13 matches.
The under-22 side's showing in the AFC Championship qualifying tournament last year was also praiseworthy, thanks to Papas' presence.