"Real Madrid CF has formally expressed its intention to hire Jose Mourinho for 15 million euros (£12.9m), and that the manager has agreed to the move," Benfica said in a statement.
The Portuguese side also confirmed that Marco Silva will replace Mourinho as their new manager.
Real Madrid have not confirmed the hiring yet.
Florentino Perez had pledged to bring the Portuguese manager back to the club, where he had previously coached from 2010 to 2013, provided he was re-elected at Real president.
Perez secured his position on Monday after surviving the club's first genuine presidential contest in two decades.
Real have come away empty handed over the past two seasons, during which Barcelona have secured back-to-back LaLiga titles.