The Portuguese tactician is currently considering his options after seeing his time at Old Trafford cut short following an indifferent start to the season for the Red Devils.
Having previously had two spells at Chelsea, Mourinho has intimated he would consider doing the same again but this time with a Real side currently struggling in La Liga.
"When a professional returns or is invited to return to a club it is a tremendous honour," Mourinho told Record. "I felt it when I returned to Chelsea."
He added: "When a coach or a player he comes back, it means we did something positive.
"It's not a gamble in the dark, the clubs are trying to hire a player or a coach they know, they've already been there, and if they invite you it's because they know the value of the person."