Valdano spoke at the launch of journalist Alfredo Relaño's book 366 footballers at the Ateneo de Madrid, making his comments at a moment when Mourinho's return to the Bernabéu is a near-formality pending the conclusion of presidential elections.
"Mourinho will not be the one who solves all the problems Real Madrid has. Players will have to be signed in key positions. There even needs to be a leadership revolution within the dressing room, given what we have seen."
The weight of that assessment derives partly from Valdano's history. He resigned from his position as director general of Real Madrid in May 2011 after sustained friction with Mourinho over the extent of the Portuguese coach's authority. Pérez accepted his departure at the time framing it as a structural reorganisation. Valdano understood it differently. The two men never worked in the same building again.
When asked what he would say to a Madrid supporter contemplating walking away from the club if Mourinho returns, Valdano offered an unexpectedly personal response.
"Resist. I am going to keep being a Real Madrid supporter despite our differences. Resist, resist. There are good moments, bad moments and tragic moments in life."
The comment — tolerant of Mourinho while honest about the tension — captures precisely the complexity Valdano brings to this subject.
He also offered a wide assessment of the World Cup, naming Argentina, Spain, France and Portugal as his four favourites, with Spain at the front of the queue.
"Spain, perhaps, in first place."
He qualified that assessment with a caveat that will resonate given the injury concerns around the two players who defined Spain's Euro 2024 triumph.
"Lamine Yamal and Nico Williams are the players who add danger to Spain's game, because without them Spain can die from a thousand passes, as happened in Qatar and in Russia — just talking to the ball and finding themselves in a monologue. With these two boys in the Euros, we saw how much they change the team's competitive possibilities."
On Argentina, he noted that they had not lost their hunger despite winning two Copa Américas and a World Cup in consecutive years. On France, he pointed to their ability to reach finals without apparently straining. On Portugal, their quality in central midfield.
He also expressed reservations about the 48-team format, predicting it would produce more unexpected results than any previous tournament and force tactical caution on weaker sides in extreme North American heat.