According to the Sun citing newspaper El Mundo, Mourinho has accepted wrongdoing and has been sentenced to a one year jail term.
The former Real Madrid coach has also been fined €1.9m and €121,764 in interest.
The Portuguese tactician was accused of owing Spanish tax authorities approximately €3.3 million (R50m) in unpaid tax.
The agreement still has to be validated by a judge.
The Mourinho settlement comes amid a lengthening list of tax fraud cases involving soccer stars in Spain.
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Messi was found guilty three years ago, along with his father, on three counts of defrauding tax authorities of 4.1 million euros (then $4.6 million) on income made from image rights.
Spanish prosecutors have accused Mourinho, who coached Real Madrid between 2010 and 2013, of failing to declare income of 1.6 million euros (1.82 million USA dollars) in 2011 and 1.7 million euros (1.94 million US dollars) in 2012.
Image rights cover the use of a person's likeness, voice, signature and mannerisms - and can be very lucrative for footballers and managers.
Mourinho was charged of two tax-related crimes, each equating to six months in jail.
Mourinho has exchanged the sentence for a hefty fine to avoid going to prison. Before September 2004, he signed a contract that ceded his image rights to the company, which was located in the Virgin Islands.