"The Special One" is quitting the Spanish giant in the summer to come back to England.
And the two-time Champions League winner, who delivered six trophies in just three years at Stamford Bridge, is keen on resuming his old job in the English Premier League (EPL).
A top source close to Mourinho revealed Thursday night, "Jose would go back to Chelsea."
The only stumbling block is that this time, Mourinho will insist Blues' billionaire owner Roman Abramovich gives him total control of team affairs, free from any interference.
That way, he guarantees to bring the glory days back to the west London club.
"He knows things are a mess there right now," the source said. "He also knows it would be difficult to go back and make the same impact as before.
"Winning the Premier League title back to back in his first two years at a club that had not been champions for 50 years was incredible.
"That's why he's still loved by the fans and why he still loves the club. They were special days."
Yet the source added: "But before agreeing, he would want things very clear between him and Roman Abramovich. He would say, 'Roman, you are the owner, and I am the boss here. Let's work together, and the power is in our hands.' For Jose, that would be the perfect partnership."
Abramovich might well be tempted. He has tried a succession of managers since Mourinho's shock departure in 2007 - Avram Grant, Phil Scolari, Guus Hiddink, Carlo Ancelotti and now Mourinho's ex-scout, Andre Villas-Boas.
But all failed to match Mourinho's heroics.
Current boss Villas-Boas has Chelsea only fourth after a string of disappointing displays and results. He was brought in at a cost of almost £25 million ($39.5 million), including a £12 million, three-year contract, £5 million in compensation to his former club Porto and severance pay for Ancelotti.
But Mourinho believes he has unfinished business at Chelsea.
He won all four domestic trophies - the EPL, FA and Carling Cups and Community Shield - but never captured the Champions League crown.
Adding Chelsea to his previous successes with Porto and Inter Milan would be his top aim, an ambition shared by Abramovich.