Chelsea are reportedly set to announce their new manager, and unlike many had thought, it isn't Guus Hiddink. Rather, it's Porto coach Andre Villas-Boas, touted as the new Jose Mourinho, who is set to succeed the sacked Carlo Ancelotti.

The Portuguese coach has a release clause in his contract, which can be triggered with £13.2m, if another club wishes to secure his services.

Portuguese news agency Lusa reported that Chelsea had met the release clause and were on the brink of appointing the 33-year-old as their new manager. However, in a statement, Porto denied that the clause was triggered. Interestingly, they didn't deny that an offer had been made.

The statement read - FC Porto, at the request of the CMVM (Portuguese stock market), hereby informs the market that the coach Andre Villas-Boas, as well as several players, has a termination clause.

So far this club has not received any communication that this clause has been exercised, nor of the agreement of the coach that is desired.

Chelsea, in a statement, said they hoped to announce their new manager next few days.

A Chelsea statement said: We hope to be able to make an announcement regarding the new manager in the next few days or so, but until then we will not be commenting further on the speculation surrounding that appointment.

Much remains on whether Chelsea can convince Villas-Boas to join them, since Porto are powerless to keep him back once another club meets the release clause. The Portuguese club president, Pinto da Costa, said just as much.

Villas-Boas has a contract and a clause of 15m euros, he confirmed. If someone deposits 15m euros into our account and he wants to go, we can not do anything because it is something that is contractually specified.

Much like when Jose Mourinho was lured to Chelsea after winning his first Champions League medal with Porto, Villas-Boas could follow his former-mentor's path. He became the youngest coach to win a European trophy when his Porto side secured a 1-0 victory over Braga in the Europa League final.

Since he was at Chelsea during Mourinho's reign, he has the necessary knowledge of the workings of the club, which will hold him in good stead should he join the Stamford Bridge outfit.