José Mourinho will be offered the opportunity to make an unexpected return to Stamford Bridge in December as the new coach of Valencia, their Champions League rivals. The Portuguese has emerged as the Spanish club’s first-choice candidate to succeed Quique Sánchez Flores, who was dismissed yesterday after a 3-0 defeat by Seville.

Juan Soler, the Valencia president, has favoured a bold move for Mourinho since he left Chelsea last month and is expected to contact Mourinho’s representatives with a firm offer in the next few days. Valencia will be offering less than the £5.2 million a year that the “Special One” earned at Stamford Bridge, but the Spanish club have considerable resources at their disposal and the Portuguese could expect a package in the region of £3.5 million a year, which compares favourably with the salaries of leading managers in European football.

Mourinho is unable to manage in the Barclays Premier League until next season because of the terms of his severance package, which earned him £12 million in compensation, but there is nothing to stop him working for one of Chelsea’s rivals on the Continent. Valencia are due at Stamford Bridge on December 11 for the final round of group B matches and the unexpected return of Mourinho would present a certain symmetry because he was dismissed the day after a disappointing draw against Rosenborg in the opening round of matches on September 18.

While the chance to remind Chelsea fans what they are missing and to embarrass Roman Abramovich, the Chelsea owner, so soon after his controversial departure would doubtless appeal to Mourinho, Soler will have to work hard to convince him to sign. Mourinho is eager to return to work after spending the past month with his family in Portugal, but has reservations about joining a club outside the elite level of European football. Valencia are fourth in La Liga but struggling to qualify for the Champions League knockout stage after defeats by Chelsea and Rosenborg.

Mourinho will listen to Soler’s offer and is not yet ready to rule himself out – as he did this month when identified as a potential successor to Steve McClaren, as England head coach – but he has indicated that his ideal job would be elsewhere.

With Mourinho having won the Spanish title as assistant to Bobby Robson at Barcelona in the 1990s, it is understood that he would like to enhance his reputation further by winning a championship in a fourth country, with Italy his preferred destination. He is also taking German lessons and would be interested in the Bayern Munich job, if it became available.

However, even such a proven world-class coach as Mourinho cannot hand-pick his preferred club and he may choose to take work when it becomes available. With AC Milan committed to replacing Carlo Ancelotti with one of their own – most likely Frank Rijkaard or Marco van Basten - the only conceivable options in Italy are Inter Milan and Juventus, and even those jobs may not be available next summer. Inter are top of Serie A and on course to defend their title successfully under Roberto Mancini, while Claudio Ranieri has made a promising start at Juventus.

At Valencia, Mourinho would at least find a president who shares his ambitions, as shown by the ruthless manner in which Soler dismissed Sánchez Flores and in the calibre of potential replacements. Marcello Lippi and Fabio Capello complete a formidable shortlist of out-of-work coaches for a club determined to reestablish themselves among the European elite by the time they move to their new 75,000-seat stadium in two years.