The Portuguese is keen to solve his goalkeeping crisis and has identified the out of favour Manchester United keeper as the ideal candidate. Valdes has had a fall out with manager, Louis Van Gaal since moving to Old Trafford and finds himself outside of the first team picture.
After his failed transfer to Besiktas, Valdes is stuck on the sidelines until January at the very least.
Chelsea are facing a goalkeeping crisis after an injury to Thibaut Courtois, who has now been ruled out for several months.
With Begovic the only keeper in the side, Mourinho is keen to sign the former Barcelona star.
Valdes would be particularly excited about the move if it comes to fruition. The former Barcelona star would love to get back into action and Chelsea could be the ideal club for him.
With the likes of Fabregas and Pedro already at the club, Valdes is likely to feel at home too.
It will be interesting to see if Mourinho follows up on the initial interest. But there is no doubt that a move could be hugely beneficial for all parties involved here.