Zico has become a major contender to be named the new Chelsea manager after leaving Fenerbahce.

The Brazilian legend was rumoured to be a target of Manchester City before they appointed Mark Hughes last week.

However, Zico's departure from Fenerbahce, following the failure to agree a new deal with the Turkish outfit, has now seen the odds on him filling the Stamford Bridge hot-seat slashed.

"We've parted ways with Zico," Fenerbahce chairman Aziz Yildirim told NTV when asked about the club's managerial position.

Chelsea are continuing to be linked with Milan coach Carlo Ancelotti, despite the Italian ruling out a move to England last week.

And Abramovich - who is also rumoured to be eyeing the likes of Guus Hiddink, Luiz Felipe Scolari and Luciano Spalletti - could consider a move for Zico if he is unable to secure his No.1 target.

Zico, who joined Fenerbahce in July 2006, led the Istanbul club to the UEFA Champions League quarter-finals last season, where they lost to Chelsea.