Mourinho to be paraded on Monday after compensation agreed

The clubs' respective presidents, Massimo Moratti and Florentino Perez, met in Milan yesterday afternoon to thrash out a financial deal to facilitate the early release of Mourinho from his contract at the San Siro, which ran until 2012.

Mourinho will replace Manuel Pellegrini in the Madrid hotseat after the Chilean was sacked on Wednesday night. He will be presented at the Bernabeu at 1pm local time on Monday.

Madrid immediately outlined their intention to replace Pellegrini with Mourinho once they and the former Chelsea manager had negotiated his release.

That proved trickier than had been expected, with Inter seemingly determined to claim the full 16 million they were entitled to according to a release clause in Mourinho's contract. However, Inter, who were guided to the treble by Mourinho during 2009/10, and Madrid confirmed last night that a deal – reportedly worth in the region of 8m – had been done.

A joint statement from the two clubs read: "Massimo Moratti and Florentino Perez met this afternoon.

"In light of the excellent and constructive relations of friendship that exist between the two clubs, an agreement was reached on the contractual clause that binds Jose Mourinho to FC Internazionale. The time and the manner by which the agreement will be honoured has been defined."

Inter president Moratti had earlier admitted that Mourinho's decision to announce his wish to leave Inter and join Real a week prior to his club's Champions League final against Bayern Munich was not ideal. "It wasn't favourable," he said. "But the team succeeded (winning 2-0] and so did Mourinho so it didn't burn or hurt me. But for him (Mourinho], things could have turned out for the better had the timing been different."

Mourinho has already requested the Spanish giants try to lure several Inter players to the Bernabeu in what promises to be a busy summer.

When asked if Inter would be willing to sell some players, Moratti said: "Yes, but at an extra cost."

One of those players Mourinho is keen to have at his disposal is Brazil international Maicon.

"I am a fan of Maicon," said Moratti. "Many clubs are fans of Maicon, but I have not entered in any negotiation with regards to him."

Any big influx of players from Inter would not necessarily be greeted warmly at the Bernabeu. Mourinho's European success with the Nerazzurri came playing a relatively defensive style, something which is anathema the Madrid fans. Mourinho believes the style of play is dictated by the players available.

"We have to know what we have and apply it in the best possible way to create damage," he said. "Madrid has Cristiano Ronaldo and Kaka that are very good on one-on-ones. We have to find a style of play that allows them to do that. The principles of play depend on the players you have."

He added: "I think Madrid have signed me because they know that they can demand aims in the short term but that I am also capable of leaving a base for the future.

"It's clear that I work for myself, but also for clubs. At Chelsea you can see scouts and physical trainers that I left there. The same goes for Inter.

"I want to leave a mark at this club, not only with titles but with other things. I promise from my first day that I will bring out the best in the players, that I will take care of them."