According to journalists David Ornstein and Mario Cortegana at The Athletic, Florentino Perez is personally leading the decision on the next Real Madrid coach.
Arbeloa, who took over in January to replace the sacked Xabi Alonso, is expected to be dismissed in June, after a season in which Real Madrid are preparing to go blank (without LaLiga, Champions League or Copa del Rey) for the second year running.
Unlike the hiring of Alonso, led by general manager Jose Angel Sanchez, Perez has now taken the reins of the process. The president wants to rebuild a project he considers in ruins and sees Mourinho as the ideal profile to restore competitiveness at the Bernabeu.
The cancellation clause
Mourinho signed for Benfica in September 2025 and has a contract until June 2027. However, the agreement includes a cancellation clause of around three million euros, which either party can activate up to 10 days after the last official game of this season.
As well as Mourinho, Real Madrid have the likes of Mauricio Pochettino (USA coach) and Didier Deschamps (France) in the pipeline. Jurgen Klopp remains a long-held dream of the board, although the German is happy in his position as Red Bull's global director of football.
Return of the 'Special One' and internal divisions
A return to Madrid would allow Mourinho and Perez to rekindle a relationship that yielded three trophies between 2010 and 2013, including the LaLiga record (100 points) in 2011/12. However, there is no consensus on the name of the 63-year-old coach.
Sources close to the club indicate that several internal voices are opposed to a return, recalling the trail of division the Portuguese left in the dressing room and the legendary tension with the captain at the time, Iker Casillas.
Controversy with Vinicius Junior
Mourinho's current spell at Benfica has also been marked by controversy. In February, the coach was heavily criticised after the Champions League match between Benfica and Real Madrid in Lisbon. At the time, Vinicius Junior claimed to have suffered racist insults from Gianluca Prestianni.
Mourinho suggested post-match that the Brazilian forward had incited the incident, a statement that went down badly in Madrid. Prestianni was eventually suspended by UEFA for six games, not for racism, but for homophobic behaviour.