Mourinho managed Real for three years between 2010 and 2013, with the Portuguese tactician now being eyed for a sensational return.
Arbeloa has lost the dressing room, and as many as six players are no longer on speaking terms with the Spaniard. There's also a huge rift between the players, and that was evident when Fede Valverde was sent to the hospital after a fight with Aurelien Tchouameni.
Real Madrid Florentino Perez recently dodged the question when asked whether Mourinho was on his radar, but the 63-year-old has already snubbed a contract offer from Benfica and is open to returning to the Bernabeu.
That is according to AS, who have reported that there's a clause in Mourinho's contract that allows him to leave Benfica for €3m up to 10 days after Benfica plays its last match.
Benfica play against Estoril on May 16, giving Real until May 26 to activate the release clause in his deal and bring him back to the Spanish capital.
President Perez is already working behind the scenes to strengthen his position. He is expected to retain the post unchallenged, despite speculation that he could an election in the next couple of days.
This could be confirmed on May 24 - two days before Mourinho’s release clause expires - which points towards him replacing Arbeloa.