The Frenchman has admitted that he would love to see the Spain boss return to his former club and has urged Iker Casillas to remain patient
Goal revealed earlier this month that Mourinho has already agreed a deal with Chelsea over a return this summer, even though the Portuguese coach has so far insisted that he has not yet made a decision on his future at Madrid.
Los Blancos have since been linked with a number of possible options and, although he feels current Bayern Munich boss Jupp Heynckes would be the shrewd choice, Karembeu admits he would love to see Del Bosque take the reins once more.
"I heard rumours that Mourinho could be going," the Frenchman told Marca.
"If he did, between [Carlo] Ancelotti, [Jurgen] Klopp and Heynckes, I’d prefer Jupp because I know him well. Although I really wish Del Bosque could return."
Karembeu then went on to discuss Iker Casillas' situation at Madrid and urged the goalkeeper to remain patient as he battles for first-team football.
"I'm sad for Iker because I have known him ever since he was 17 years old. He has won everything and he has the experience, talent and intelligence. He needs to be patient," Karembeu continued.
"Diego Lopez is very strong and it is not an easy decision for the coach to make."