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.

Chelsea have been on the look-out for a new boss since May when Avram Grant was dismissed following a campaign where the Blues failed to land a trophy and news of Zico's Fenerbahce exit will be met with interest by club owner Roman Abramovich.

"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.

Meanwhile, Fenerbahce have confirmed they have reached an agreement with a new boss and they expect to name Zico's successor next week.

"We know who the new coach is," added Yildirim "We will sign an agreement in Istanbul next week."

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.