The 15-time Champions League winners desperately need a manager who can help them challenge Barcelona’s domestic dominance (three La Liga titles in four seasons).
Real Madrid had started the season in promising fashion under Xabi Alonso, but it all disintegrated by January after a collapse caused by internal disputes.
President Florentino Perez turned to Alvaro Arbeloa to arrest the rot, but he failed, forcing the 79-year-old construction billionaire back to the managerial market for Mourinho.
Perez had dismissed Mourinho in 2013, taking shots at his ego and failure to manage the different factions of allegiance that had broken out.
So it is quite surprising that Perez is once again hiring Mourinho, considering this squad is crying out for a peacemaker to galvanise things.
Bringing Mourinho back to Real Madrid at this time, when there are allegations of division, is a ponderous decision.
Forget for a second that the returning Mourinho is far from the tactical genius that mesmerised Europe over a decade ago.
His reputation as a combustible presence makes him an odd choice to lead this team at the moment.
The decision to sack Alonso, which gave players in the dressing room more power, was a poor one, but the hiring of Mourinho could prove catastrophic.
If it goes well, great, but if it goes south, it may unravel spectacularly.
Mourinho has never been the type to quietly steady a dressing room in turmoil.
He demands loyalty, picks favourites, and thrives in siege environments where conflict sharpens focus.
That can work with hardened veterans willing to buy into his methods, but this Madrid squad already appears fractured and emotionally drained.
There are way too many names in the dressing room that he can clash with.
There is also the issue of the modern game moving away from the reactive football that once made Mourinho untouchable.
Madrid are not appointing the Mourinho of 2010. They are hiring a manager who has come off inconsistent spells and is facing serious scrutiny.
Perez is gambling that nostalgia can solve problems that require calm leadership and long-term clarity, and it could backfire.