Arbeloa was appointed in January 2026 following the dismissal of Xabi Alonso, but has failed to stabilise the club. Real Madrid trail Barcelona by 11 points in La Liga, have been eliminated from the Champions League and the Copa del Rey, and are on course for a third consecutive season without a major trophy — a scenario the club's hierarchy regards as unsustainable.
According to The Athletic and transfer journalist Fabrizio Romano, club president Florentino Pérez is personally leading the search for Arbeloa's replacement and has identified Mourinho as his preferred candidate.
The 62-year-old Portuguese, who managed Madrid between 2010 and 2013 and won La Liga with a record 100 points in 2011-12, is currently at Benfica and is understood to be enthusiastic about a return to the Spanish capital.
A clause in Mourinho's Benfica contract reportedly allows him to leave without compensation if an agreement is reached within ten days of the Portuguese season concluding, significantly simplifying any deal for Madrid.
Italian coach Massimiliano Allegri, who returned to AC Milan in 2025, is also being considered internally — valued for his tactical pragmatism and experience managing elite squads — while Jürgen Klopp, who holds a role as head of global football at Red Bull, is seen as an appealing but unlikely option given his current commitments and the time required to implement his style.
A final decision is expected once the domestic season concludes.