The former Manchester United boss is understood to be nearing a return back to Los Blancos after leaving the club in 2013.
Madrid are currently enduring a disastrous season – sitting fifth in La Liga – where they have lost a third of their top-flight games.
They have already sacked Julen Lopetegui, while current gaffer Santiago Solari is under increasing pressure following the 2-2 draw against Villarreal and the 2-0 defeat against Real Sociedad.
And the Spanish giants could turn to the Special One once again following his sacking from Manchester United.
The 55-year-old has already turned down an approach from Benfica as he eyes up a top job in Europe before returning to his native Portugal.
And it looks as though a second spell at Madrid could be on the cards after claims that he has demanded the club bring in a centre-back and striker in January.
Mundo Deportivo journalist Francesc Aguilar tweeted: "Jose Mourinho, who has just put Benfica out, has told Florentino Perez that if it is for him, he has no problems in taking charge of the team now.
"Of course, he asks for reinforcements, especially in the centre of defence and a proven goalscorer."
Just like at United, Mourinho is desperate to bolster his backline, with Real already shipping in 23 league goals in just 18 games – the most of any team in the top seven.
While he also fell out with Sergio Ramos during his previous three-year reign in charge of Madrid, with it being no secret the two men share a dislike for one another.
It has been reported that should Mourinho return to the club, the Spanish international could sensationally quit the side.
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