Madrid are facing another trophyless campaign and speculation over the future of manager Alvaro Arbeloa continues to intensify.
Mourinho, who previously managed the club between 2010 and 2013, has again been mentioned as an option.
Asked about the possibility, Guti said Mourinho remains a great coach but questioned whether now is the right time.
“Mourinho is a great coach, but I think there are coaches in better form right now,” he said.
The Portuguese boss is currently managing Benfica and has recently refused to rule out future changes.
Real Madrid are expected to assess several high-profile options if they decide to make a managerial switch this summer.
Mourinho remains a hugely respected figure in Madrid after delivering a La Liga title and Copa del Rey during his first spell.
But whether the Bernabeu hierarchy want to revisit the past remains to be seen.