AC Milan finished fifth in Serie A, which means that they will be out of the Champions League for only the second time in the past decade, which may convince Ancelotti to move on.

Chelsea chief executive Peter Kenyon would prefer to interview several candidates, with Blackburn boss Mark Hughes also a front runner.

They will face fierce competition from Manchester City, though. City owner Thaksin Shinawatra has also targeted Hughes as a potential successor to Sven-Goran Eriksson, who is expected to be axed in the next 24 hours. 

Hughes is the most highly rated young British-born boss in the Premier League and a former team-mate of Gianfranco Zola, the man Abramovich is courting as a No2. 

Hughes, 44, has told friends he does not want to become a pawn in any political power games at Chelsea – but is keen if the terms are right.

Shinawatra is willing to pay big money for the right man – though not perhaps in Chelsea’s league – and has also targeted Luiz Felipe Scolari and Roberto Mancini, who left Inter Milan yesterday. 

Jose Mourinho is expected to be unveiled as Inter Milan’s new coach early next week.