The Portuguese is the clear frontrunner as the club begin planning for life beyond Álvaro Arbeloa following Sunday's 2-0 El Clásico defeat.
Spanish journalist Abraham Romero reported this week that Real Madrid's initial shortlist of five candidates — which also included Mauricio Pochettino, Lionel Scaloni and Jürgen Klopp — has been reduced to two, with the club concluding that only the Mourinho and Deschamps profiles fit their vision of what succeeds at the Bernabéu.
The club's internal thinking is that the managers who thrive at Real Madrid share similar qualities — an authoritative personality, experienced man-management in high-pressure environments and a track record of winning the biggest prizes.
OK Diario confirmed Mourinho as the primary candidate, noting that president Florentino Pérez considers him first on the list and maintains a strong personal relationship with him. Mourinho's agent Jorge Mendes has already held preliminary conversations on the Portuguese's behalf, with formal talks expected once Benfica's season concludes on May 18.
Mourinho has publicly denied any direct contact with Pérez or the club — a position Mendes has indicated reflects his client's personal code of not engaging with other employers mid-season. Mourinho's Benfica contract runs until 2027 but contains a €3million release clause, and he has confirmed he will be free to speak with whoever he chooses in the week following Benfica's final match.
Deschamps — who has led France since 2012, winning the World Cup in 2018 and reaching the final in 2022 — is a realistic alternative but would be unavailable until after the 2026 World Cup concludes, since France are a legitimate contender. Real Madrid's preference is to have their appointment in place for the start of preseason in July, which heavily advantages Mourinho.
Pochettino and Klopp are both ruled out. The Argentine is committed to the United States national team ahead of a home World Cup. Klopp's philosophical approach and position within the Red Bull structure make him incompatible with the Bernabéu model.
Arbeloa will remain in charge for the final three La Liga matches. The club's announcement of his successor is not expected before the season ends.