The official announcement is expected to take place next week, after Real Madrid's final La Liga match. The merengues will host Athletic Bilbao on Saturday evening.
In this way, Real Madrid is taking advantage of a clause in Mourinho's contract with Benfica, which allows either party to terminate the agreement within 10 days after the end of Liga Portugal for a fee of around three million euros.
The Portuguese manager admitted he would use this time to reflect, also confirming he has a renewal offer from Benfica on the table. Rui Costa promised to address the club members this week to explain the situation.
If confirmed, this will mark the end of Mourinho's second spell at Benfica. After 11 matches in the 2000/01 season, the 'Special One' returned to Lisbon to replace Bruno Lage in September.
He recorded 27 wins in 45 games, with the team finishing third and missing out on the Champions League, as well as being eliminated in the quarter-finals of the Taca de Portugal, the semi-finals of the Taca da Liga, and the Champions League play-off against Real Madrid.
Upon his return to Madrid, he will face a challenging situation. The merengues finished as runners-up in Spain, lost the Super Cup, were knocked out in the round of 16 of the Copa del Rey, and exited in the quarter-finals of the Champions League, in a season marked by several dressing room conflicts.
Their campaign began with Xabi Alonso as head coach, but ended with Alvaro Arbeloa as interim manager.