Real Madrid will unveil Jose Mourinho as their new manager on Monday after agreeing compensation with Inter Milan. Mourinho replaces Manuel Pellegrini, who was sacked on Wednesday after Real ended the season without a trophy. Club presidents Massimo Moratti and Florentino Perez met in Milan on Friday to thrash out a deal to allow Mourinho to quit the Champions League winners. Spanish and Italian media reported Inter would receive about 8m euros (£6.7m) under the terms of the deal. Inter had claimed they were due £13.5m in compensation for Mourinho, whose contract was set to run until 2012. A Real Madrid statement read: "The agreement took place following a meeting between Inter Milan President Massimo Moratti and Real Madrid President Florentino Perez in Milan. "The meeting was friendly and cordial, as befits the relationship between both clubs." Mourinho will be officially unveiled as Madrid's new coach at a news conference, which is scheduled to start at 1200 BST on Monday. The 47-year-old, who took over at the San Siro in 2008, became only the third man to win European club football's most prestigious competition with two different clubs when Inter beat Bayern Munich 2-0 in the Champions League final on 22 May. That success also assured the Nerazzuri's place in the history books as they became the first Italian team to win the Treble, having already retained the Serie A title and defeated Roma to lift the Italian Cup. Mourinho started his managerial career with Benfica in his native Portugal in 2000 and has since picked up major honours at Porto, Chelsea and Inter. He won the Portuguese league twice with Porto, in addition to the Uefa Cup and Champions League. The self-appointed Special One moved to Chelsea in 2004 and ended the club's 50-year wait for a top-flight title in his first season in charge at Stamford Bridge. Chelsea retained the title in the 2005/06 season and also won the Carling Cup twice and the FA Cup before Mourinho left in September 2007 after a widely reported series of disagreements with owner Roman Abramovich. Mourinho took over at Inter in June 2008 but endured a difficult relationship with the Italian press. The day after Inter won the Champions League at Madrid's Bernabeu stadium, Mourinho, who was contracted until 2012, conceded it had almost certainly been his last game in charge. And following the news that Mourinho was moving to Spain, an Inter statement read: "President Massimo Moratti and FC Internazionale thank Jose Mourinho and his coaching staff for the work done during two successful seasons on the domestic and European fronts." Pellegrini's free-scoring Real side finished runners-up in the Spanish League this season, netting 102 goals in 38 games, with 60 of those strikes coming at home. But the 56-year-old Chilean was dismissed for failing to land any silverware, despite the Spanish giants having signed Cristiano Ronaldo, Kaka, Karim Benzema and Xabi Alonso for a combined fee in excess of £196m in the summer of 2009. Mourinho will reportedly have full control of transfer policy at Madrid, with Perez taking a backseat after two successive seasons without a trophy since the start of his second spell as president. Liverpool midfielder Steven Gerrard and Chelsea duo Frank Lampard and Ashley Cole have been linked with Real over the last few days. Source: BBC