André Villas-Boas has resigned as FC Porto coach and will be installed as the next Chelsea manager once his €15m (£13.3m) release clause is paid by the Stamford Bridge club, the Portuguese club announced this morning.
The statement said: "Porto can inform the stock market that FC Porto has received notification from its coach André Villas-Boas, of the intention to resign with immediate effect. As such his employment contract shall be considered rescinded upon deposit of the stipulated amount."
Villas-Boas is understood to be satisfied with an initial contract for two seasons, with the option of a third, worth £5m a year.
If Abramovich is successful in appointing Villas-Boas it will take the Russian's total spending in compensation to former clubs and sacked managers to £62m.
Reports in today's press suggest that the 33-year-old will have funds made available and that a number of his former players could follow him to Chelsea.
The Independent claims that Porto's prolific striker Falcao could be the first to leave the Estadio do Dragao. The 25-year-old striker -- who hit 17 goals in 14 Europa League games this season -- has a £27m release clause in his contract.
The headline-writer friendly Brazilian striker Hulk has also been linked with a move to west London.
"Right now I'm in Portugal and already with a big club, but if I go to Spain, Italy, England or Germany I would be happy too.
"If there is a good opportunity for me and for the club, a transfer could take place," he said.
Sneijder going nowhere
Chelsea look to have lost out in their pursuit of Wesley Sneijder after Inter Milan president Massimo Moratti dismissed rumours linking Sneijder, along with Samuel Eto'o and Maicon, with moves away from Giuseppe Meazza.
"All I can say regarding the transfer rumours about Eto'o, Sneijder and Maicon is that I have spoken to them and they have all told me that they do not want to leave the club," he said.