The 21-year-old France international was given his Madrid debut by Mourinho back in 2011 and has gone on to become one of the most highly-rated youngsters in world football.
While Mourinho admits that he is a fan of Varane, the Portuguese does not expect Los Blancos to part with such a valuable asset any time soon.
"I like Varane, but everybody knows that he will stay at Real Madrid," he is quoted as saying by Telefoot.
"France has a lot of good players like Varane, [Paul] Pogba, [Karim] Benzema and [Hugo] Lloris. They can win Euro 2016. I have a lot of respect for [Didier] Deschamps. In the World Cup, we saw a great French team."
Varane has made 14 appearances for the French national team.