The 63-year-old is currently the only candidate the Spanish giants are in discussions with as they prepare to part ways with head coach Alvaro Arbeloa at the end of the season, and reports indicate that a formal announcement could come as soon as the La Liga campaign concludes on May 23.

The move would see Mourinho back at the Santiago Bernabeu for the first time since his controversial departure in 2013, returning to a club he guided to a La Liga title and two Copa del Rey trophies during his first three-year spell. Perez is said to have been the driving force behind the reunion, having identified the veteran manager as the ideal figure to restore order and ambition to a dressing room that has grown increasingly fractured under recent management. Arbeloa, who only took charge in January following Xabi Alonso’s exit, has failed to convince the hierarchy of his long-term credentials after a second successive trophyless season.

The path to a formal agreement hinges partly on the release clause in Mourinho’s current contract with Benfica, which remains valid for ten days following the Portuguese club’s final league fixture against Estoril Praia on May 16. Real Madrid have until May 26 to activate that clause, which is understood to carry a fixed fee of €3 million. Despite Mourinho holding one year remaining on his Benfica contract, no major complications between the clubs are anticipated. The manager addressed speculation cautiously ahead of his final domestic commitment, telling media that he would be in a position to speak about his future from Monday onwards.

Reports indicate that Mourinho has laid out a clear set of conditions for his return. He is seeking a two-year contract, significant influence over transfer decisions, and the freedom to bring in a trusted coaching staff. He has also requested a direct working relationship with Perez himself, with no intermediaries involved in his chain of communication with the club’s hierarchy. Sources suggest that Perez has broadly accepted the terms, and that the final details of the appointment are expected to be resolved in the days following Real Madrid’s last league game of the season.