O Jogo reported that Newcastle United remain attentive to Mourinho's position, with the 63-year-old's availability of long-standing interest to the club. Eddie Howe remains in charge at St James' Park following last weekend's 3-1 win over Brighton — a result that ended a five-game losing run and gave Howe's future a clearer look — but the Mourinho link has not disappeared, and the clause situation has given it renewed urgency.
The release clause, activated within ten days of Benfica's final match of the season, is estimated at between €3 million and €6 million gross — a figure well within Newcastle's means and one that prompted widespread attention when its details emerged through transfer expert Fabrizio Romano.
For context, Newcastle spent over £300 million in the summer of 2023 alone. Mourinho's compensation would represent a negligible outlay for a club backed by Saudi Arabia's Public Investment Fund.
Mourinho's connection to Newcastle runs deeper than money. The Portuguese manager was mentored by the late Sir Bobby Robson, who managed the club from 1999 to 2004 and shaped a formative period of Mourinho's coaching education.
Mourinho has described Robson as the most important influence on his career. That emotional pull, combined with the club's ambition and resources, has kept Newcastle in the conversation whenever his name circulates.
However, Real Madrid's interest complicates everything. The Athletic's David Ornstein reported that Florentino Pérez is personally evaluating Mourinho as a candidate to replace the interim head coach Álvaro Arbeloa, whose tenure ends this summer after a second consecutive trophyless season.
Benfica president Rui Costa moved quickly in response, holding a formal planning meeting with Mourinho this week at the club's training ground, and is expected to table a contract extension offer that would remove the existing clause and replace it with a significantly higher compensation threshold.
Mourinho addressed the Real Madrid speculation head-on at his pre-match press conference ahead of Benfica's Liga Portugal fixture against Famalicão.
"Nobody from Real Madrid has spoken to me. I can guarantee that. I have many years in football and I am used to these things — but there is nothing from Real Madrid. I have one more year of contract with Benfica and that's all."
Benfica are unbeaten in the league this season but appear likely to miss out on the title, which has added weight to questions about whether Mourinho's project in Lisbon has the trajectory he expected when he signed in September. His contract was originally structured until 2027.
For Newcastle, the window is narrow. If Benfica secure Mourinho's signature on an extended deal before Real Madrid can formally move, the clause expires and his price rises sharply.
Whether the club are willing to push ahead of Howe's position becoming fully resolved — Howe met with PIF chairman Yasir Al-Rumayyan after the Brighton win and received strong backing — will define how seriously this is being pursued.