The Daily Star says Mourinho has verbally agreed his Stamford Bridge comeback on a salary understood to match the £12m a year he is paid in Spain.
He is expected to resign his Bernabeu position at the end of the season, with his dream scenario to quit after winning the Champions League at Wembley on May 25.
He made a similar dramatic exit following success in Europe’s top club competition with Porto in 2004 and Inter three years ago.
Mourinho will want a major shakeup at Chelsea, including the axing of Michael Emenalo, the technical director of football at the club, and control over transfer ins and outs.
Reports in Spain yesterday suggested Mourinho's agent Jorge Mendes was in London “during the past week” to meet with Chelsea, who agreed to offer Mourinho a three-year deal and total independence to choose who he wants in the transfer market.
But the Stamford Bridge club want a definitive answer on his future by June 1 at the very latest.