By FOX Sports Staff
Real Madrid announced just last week that it had reached a "mutual agreement" with the Portuguese tactician to part company in the summer.
The move sent the rumour mill into overdrive that the 'Special One' was about to take charge of the Barclays Premier League club he left in late 2007.
And now it appears that Chelsea have wasted little time in turning Stamford Bridge hope and speculation into reality as reported by The Sun newspaper.
The UK tabloid splashed the headline: "Jose signs" in Thursday's edition.
It claimed Mourinho had actually sealed the £40million four-year deal on Tuesday night.
A 'senior Chelsea source' told The Sun: "It's official Jose is a Chelsea man again! Everyone is delighted he's coming back - the club, the players and the fans."
"We are already looking forward to next season - we are sure it's going to be very exciting."
Mourinho will take charge of Real's final game at home to Osasuna on Saturday, but the newspaper expects him to be "unveiled next week in a blaze of publicity".
Mourinho won six trophies in just three seasons at Chelsea including leading them to only the second championship in their history and their first since 1955 when they lifted the Premier League title in his debut season back in 2004/05.
After leaving the Blues in 2007, Mourinho took charge of Inter and guided the Nerazzurri to the Scudetto at the first time of asking with a 10-point gap to Juventus.
The following year, Mourinho's Inter retained their Serie A title on their way to a record-breaking treble which boasted the UEFA Champions League and Coppa Italia trophies.
He joined Madrid in the summer of 2011 and did well to break Barcelona's dominance in La Liga by wining the title last season.
Chelsea confirmed on Wednesday that interim manager Rafael Benitez, who has signed for Napoli, had been released from his contract.