Silva, 48, left Fulham at the end of his contract last week following five years at Craven Cottage. He has agreed a deal until the end of the 2027-28 season, with an option for a further year. Benfica confirmed they had "reached an agreement" with the former Hull City, Watford and Everton manager.
An official announcement is expected next week.
Mourinho's exit from the Estádio da Luz was simultaneously confirmed, with Benfica stating that Real Madrid will pay the club €15 million to end the 63-year-old's contract, which had been set to run until June 2027. Mourinho joined Benfica in September 2025 having been sacked by Fenerbahce and led the club to third place in the Primeira Liga.
Mourinho is due to be officially presented at the Bernabéu on Wednesday.
His return to Madrid comes more than thirteen years after his first spell ended in 2013, during which he won LaLiga, the Copa del Rey and the Spanish Super Cup. He succeeds Álvaro Arbeloa, who had taken charge as a short-term measure following the departure of Xabi Alonso in January.
For Silva, Benfica represents a return to the highest level of club football after establishing Fulham as a settled mid-table Premier League side. He guided the club to promotion in his first season and oversaw their most consistent period in the top flight in recent memory, including a 54-point return in the 2024-25 season.
Benfica offer the Europa League next season and a club of continental ambition — a different proposition entirely from life at Craven Cottage.
The rebuilding of one Portuguese institution begins just as another returns home.