The Special One desperately misses the passion and excitement of English football - his spiritual home.
And after three years away with Inter Milan and Real Madrid, he is ready for a dramatic comeback.
The shock news is certain to signal a stampede among England's top teams to capture his signature.
Manchester United, Liverpool, Manchester City, Tottenham and former club Chelsea are all certain to be interested.
Blues striker Fernando Torres said: "Mourinho is a big coach and is very much wanted at Chelsea.
"I'll work with him anytime but I know it's difficult."
Mourinho left English football in September 2007 after winning two Premier League titles at Stamford Bridge.
He took over at Inter in the summer of 2008 and last season guided them to an historic Italian title, cup and Champions League treble before moving to Real Madrid on a four-year £40million deal.
Real currently trail Barcelona by seven points in La Liga and there are tensions behind the scenes, even though they are still on the trail of Champions League glory.
The Spanish giants host Lyon in the second leg of their last-16 tie at the Bernabeu next week having drawn the first clash 1-1.
I think because he's sick of Barcelona's dominance? Maybe Liverpool can consider signing him.
He can't dominate in Spain? Yeh that's why.
Originally posted by CKeer:I think because he's sick of Barcelona's dominance? Maybe Liverpool can consider signing him.
No don't go Liverpool... Give Kenny the job permanently...
Let him go City. The best choice cos they are the only one who can afford the players he wants.
Or go Spurs and make them a great side.
And the Blues' billionaire Russian owner had better be quick about it too.
Otherwise Abramovich runs the risk of seeing the Special One plundering silverware at one of Chelsea's Premier League rivals instead.
Like Manchester United, megabucks Manchester City, Liverpool or, worst of all, just across the capital at Tottenham Hotspur.
For Mourinho is intent on returning to the Premier League next season and would be keen on doing a deal with any of these leading contenders for his signature.
Certainly, his former club Chelsea and City will lead the race.
And last season's Double winners will be most people's favourites to succeed as Mourinho still loves the club where he won six trophies in three years, including two league titles, before being sacked in September 2007.
Current Stamford Bridge boss Carlo Ancelotti has had a difficult season and the Blues currently languish nine points off the pace in the league.
As a result, there is widespread speculation that the Italian will be leaving in the summer.
And there are just as many rumours and whispers among the Chelsea players and their agents that Mourinho has already agreed to return.
But that is NOT true. Mourinho has not spoken with Chelsea about going back - or any other club for that matter - and will say so publicly if anyone dares to suggest otherwise.
But what he could never deny is his yearning for the passion and excitement of English football and his determination to come back soon.
Three years away, first with Inter Milan and now Real Madrid, has convinced him that England is truly his spiritual football home.
And it is not just unfinished business at Chelsea - the Champions League trophy was the only one to elude him at the Bridge - that would attract him back here.
If United came knocking, Mourinho would answer. But heaven knows whether current Old Trafford boss Alex Ferguson, 69, is ready to call it a day.
However, going head to head with his great friend Fergie in the same city could be a powerful draw.
Mourinho would love that, although even he would stop short of saying he could make City bigger than 18-time league champions United.
However, that candid admission would not deter City's mega-rich owner Sheikh Mansour from breaking the bank to get his man.
And Mansour is one of the very few who could dwarf even Abramovich if it comes to a bidding war.
City's supremo is a huge fan of the two-time Champions League-winning coach and he would willingly sanction a 'money is no object' move for Mourinho.
For Eastlands boss Roberto Mancini is under pressure after City's £300m investment in star players has so far failed to yield any success.
Yes, they are third in the Premier League - albeit seven points behind neighbours and league leaders United.
They are also in the quarter-finals of the FA Cup - they play Everton's conquerors Reading tomorrow - and are still chasing silverware in the Europa League, although they lost 2-0 away to Dinamo Kiev on Thursday.
But City's ambitions are bigger than that and Mancini knows it.
And he will be well aware of the danger of Mourinho who, remember, replaced him at the San Siro in 2008 - and went on to win the treble with Inter last season.
Liverpool would also appeal to Mourinho, who would love to re-awaken the once invincible Anfield outfit.
Kop hero Kenny Dalglish is in temporary charge of the Reds until the end of the season and has steadied the ship after the departure of flop Roy Hodgson.
But, despite wins over Chelsea and Manchester United, there have also been defeats to Blackpool, West Ham and most recently Braga in the Europa League - plus a home draw with rock-bottom Wigan.
And although Dalglish is a legend at the club, the thought of Mourinho on Merseyside could be too much for Liverpool's American owners to resist.
Especially given the Special One's former right-hand man at Chelsea, Steve Clarke, is already at Anfield.
Tottenham would be the surprise candidates.
Harry Redknapp has enjoyed great success at White Hart Lane, taking Spurs to the last eight in the Champions League with wins over Inter and AC Milan.
But Redknapp has a huge court case coming up in the summer which could prove a major distraction for him and the North London club - along with their preparations for next season.
He has also made no secret of the fact he wants to succeed Fabio Capello as England boss next year.
So Spurs chief Daniel Levy could be tempted to go for Mourinho in a bid to take the club to the next level.
And, knowing Mourinho, he would believe he is the one who can make Spurs champions again - for the first time since 1961.
Now how would that make you feel, Abramovich?
MAN UTD
Current boss: Alex Ferguson
Why they'd want him
HE swears he will hang around for another year but who would bet against Alex Ferguson surprising everyone and calling it a day at the end of this season?
If United pulled off a Champions League and Premier League double, who could blame him for leaving right at the top? And if they end the season empty-handed, who could blame him for deciding it is time to hand over to a younger man.
For and against
FOR: Mourinho has experience at the biggest clubs in the world. A combination of United and Mourinho would be an irresistible magnet for the world's greatest players.
AGAINST: Fergie is a tough act to follow after years of success. Plus Mourinho would need to prise a lot of money out of the Glazer family to build the team he would want.
LIVERPOOL
Current boss: Kenny Dalglish
Why they'd want him
KING KENNY is in charge until at least the end of the season. But, if the Anfield board decide his return is short term, then Mourinho would be one of the few managers Dalglish's idolising Kop congregation would accept.
The special one have fun with the england press and they worshipped him as he will alway have some thing for them to write about.
It is a win win situation for him.
For the rest of the world, he was not on the center of attraction and the press already know what game he is playing and dun want play along with him.
Dun think Roman will swallow his pride to bring back Jose.
He might pick Man City or Liverpool.
Man Utd is on shaking financial condition and might blow at the end of the season.
Spurs is happy with Harry.
I think the rest of managers would want him back as he can take all the attention away from them.
I won't mind Jose Mourinho back, but is he going to do what he did like in Spain, cursing referees etc? No doubt he's won trophies with Chelsea before but would like to see how he manage Man utd.
Originally posted by Medicated Oil:The special one have fun with the england press and they worshipped him as he will alway have some thing for them to write about.
It is a win win situation for him.
For the rest of the world, he was not on the center of attraction and the press already know what game he is playing and dun want play along with him.
Dun think Roman will swallow his pride to bring back Jose.
He might pick Man City or Liverpool.
Man Utd is on shaking financial condition and might blow at the end of the season.
Spurs is happy with Harry.
I think the rest of managers would want him back as he can take all the attention away from them.
You sure? In Italy he was the most reported manager on the press and in Spain, he is also at it... lol.
He was very much dislike in Italy from the referee's union to their FA but at the end, they voted for him as the manager of the year... And in Spain, his style with the press has got him into more trouble and the most recent is his bodyguard was stab at the airport protecting him... Just imgine a fan can become so angry till it drive him to such an act...
And just yesterday I read a report he said he was going to 'give' Barcelona the title cos the Spanish FA's fixtures are unfair to his Real Madrid side... lol. This could make many Barce fans and players angry as it kind of take away the credit they work hard for... lol.
i think arsenal should has him, please sack venger as venger stupi policy of stick to the young and green players who cannot perform at the highest level Arsenal depend on 2 players too much and it defend is f..k up.