The rumors have swirled for quite some time that Chelsea would fire Carlo Ancelotti.

It finally happened on Sunday after Chelsea lost to Everton.

This season's performances have fallen short of expectations and the club feels the time is right to make this change ahead of next season's preparations,  said the club in a statement.

Apparently, two seasons without a trophy was enough to sack the manager. Chelsea finished second in the Premier League to Manchester United this season.

Ancelotti signed a three-year contract in June 2009, taking over for interim boss Guus Hiddink, who helped take Chelsea to the FA Cup. 

Ancelotti, 51, might consider moving on to West Ham United.

According to The Daily Mail, Ancelotti said, I would coach West Ham - why not? It's a challenge to manage a team in the Championship.

There are already names that are floating around to succeed Ancelotti at Stamford Bridge.

Porto's young manager Andre Villas-Boas, and former Ajax manager Marco van Basten are strong possibilities. Others that would garner interest are Pep Guardiola of Barcelona who has hinted he might leave Camp Nou, former Juventus manager Marcelo Lippi, and even Hiddink.

A long shot might be Harry Redknapp of Tottenham, and an even longer shot would be former Chelsea manager Jose Mourinho.

Owner Roman Abramovich has money to spend. It will be very interesting to see who he targets.