The 50-year-old Portuguese tactician is being lined up by Roman Abramovich for a sensational return to west London, to oversee the Blues' bid for Champions League qualification.
Interim boss Rafa Benitez is proving increasingly unpopular amongst Chelsea supporters, with the team's recent poor run of form adding to the unrest at Stamford Bridge at the moment.
Mourinho's future in the Spanish capital has been the subject of much speculation over the past few months, and despite recent improved performances, the former Chelsea boss remains unhappy at the Santiago Bernabeu.
Having lost the support of players and the club's hierarchy, 'The Special One' has found himself under increasing pressure, with Real Madrid currently lying third in La Liga table, 13 points behind leaders Barcelona.
With that in mind, an exit from the Champions League at the first knockout stage is unthinkable, with the last-16 tie tentatively poised at 1-1 ahead of this evening's clash at Old Trafford.
If Real Madrid are eliminated, Mourinho could be re-appointed by the club he left in acrimonious circumstances in September 2007, before April 1, taking charge of Chelsea's Premier League home clashes against Sunderland and Tottenham, before overseeing the rest of the run-in in 2012/13.
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