The Spaniard was then-regarded as one of the most promising prospects to come out of Spain and attracted interest from the Blues and Real Madrid as a result, but turned down the chance to make the move from Betis.
Since then, Joaquin has failed to live up to his potential after stints at Valencia, Malaga and Fiorentina before a move back to his childhood club this summer.
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When asked in an interview with El Decano Deportivo if he holds any regret over not making the move, the 34-year-old said: "Not at all," but admitted that he missed out on winning titles and money as a result of snubbing Mourinho's advances.
"I had more than one chance to do it. I lost a significant opportunity, economically and sporting wise, to win titles or of being a much more important player. I know that but I don't regret it.
"My happiness at that time was not there, that's why I stayed."
The winger went on to confirm that Mourinho had flown over to Spain to convince him of making the move, but he refused to meet with him.
"I think he did [fly out to Spain]. I came from Madrid, after filming an advert with Mahou and they were waiting for me there.
"He wanted to see me but I said: 'If I go there, he's going to convince me', and leaving Betis never crossed my mind. That's why I never went to meet him.
"I made it clear to him over the phone. The next day, he came back and spoke to my father who told him: 'Mourinho, get back, because he's not leaving here.'"
As a result, Mourinho ended his interest, though the Spaniard concluded that had the Portuguese approached him at a different point in his career his answer might have been different.
"I was in good form with Betis. I was 20-years-old. If he'd come to me at a different moment in time, things would've undoubtedly been different."