Mourinho also failed to reach the Champions League final with a side that would go on to win the competition four times in the next five years.
After back-to-back defeats last week to Barcelona, which knocked them out of the Copa del Rey and also effectively ended their La Liga hopes, Real Madrid's last chance of silverware was in the Champions League. Now the club are expected to replace him with a third coach this season.
News of Real Madrid's interest in the Portuguese gaffer comes less than 48 hours after Santiago Solari's men were eliminated in embarrassing fashion with a 4-1 defeat at home against Ajax, despite winning the first leg 2-1 in Holland.
Madrid's next match is Sunday against Valladolid in the Spanish league, a competition in which it trails leader Barcelona by 12 points with 12 matches left.
Ex-NYC Mayor Bloomberg won't run for president in 2020
Bloomberg took the weekend to mull his decision and ultimately decided against a run yesterday, said the person. These efforts, Bloomberg argued, are faster and more easily attainable on the private level.
Calderon told BBC Radio 5 Live: "I know that this morning the president [Florentino Perez] called Zidane to ask him back, he said not now".
"There is the option of bringing in Mourinho now, but to me there is no point".
IN stuns No. 6 Michigan State to sweep season series
The break helped the Hoosiers chip away; even after the Spartans went up 45-35, IN followed with a 9-0 run to pull within a point. IN got the best of the Spartans yet again and it's time for Michigan State to get back to the drawing board for a big week ahead.
"The first option for the president has always, always been Mourinho", Calderon said.
Solari said after the loss to Ajax he hadn't accepted the job only to surrender when things got hard, and also said he wasn't anxious about all the talk by Mourinho.
If he does take the Real reins again, the self-proclaimed Special One will have a major rebuilding job on his hands.
Washington cranks up Venezuela sanctions as Guaido tours South America
And he said it's important that "all political actors in Venezuela and overseas make all efforts to lower tensions". The United States has also imposed oil sanctions on Venezuela, which has the world's largest oil reserves.