The club confirmed the deal in a statement on Thursday.
If successful, it would mark the 63-year-old’s comeback to Real Madrid after 13 years.
“I hope he turns up against France because he is a player with incredible potential,” Mourinho said of the United playmaker.
Underperforming teams like Arsenal have also had reasons to ask their players to take pay cuts to cushion the effects of economic downturn.
“A great champion who has won trophies at every level, José will provide tremendous leadership and experience to our ambitious project.”
