The former Spain international expects the 50-year-old to depart the Santiago Bernabeu in the summer - unless they win the Champions League
The controversial coach is continually being linked with a move away from the Blancos, with clubs such as Paris Saint-Germain and Manchester City supposedly keeping tabs on his situation, and Helguera feels that only Champions League success could keep Mourinho at the Santiago Bernabeu.
"With everything that's going on, I think Mourinho will leave," Helguera told Efe.
"It also depends on what happens in the Champions League. If he wins that competition maybe he'll want to stay and people will want him to stay.
"But he seems a little bit tired at Real Madrid. He's been here for a few years now, and being Madrid coach is very demanding."
Mourinho has a contract with Madrid until June 2016, but has been dogged by persistent rumours of discord with senior members of the dressing room this season.