Who will replace Ancelotti in the Chelsea hotseat?

After being dumped out of the Champion's League by Manchester United on Tuesday, Chelsea's one remaining chance of gaining silverware this season has vanished, and with it so have Carlo Ancelotti's chances of keeping his job if the reports emanating from Stamford Bridge are to be believed.

The unanimous view of the press is that Chelsea's Italian manager will leave the club this summer. Only twice during Roman Abramovich's reign have the Blues failed to bring home a trophy at the end of the season. On both occasions – under Claudio Ranieri in 2004 and Avram Grant in 2008 – the managers were dismissed by the end of May, despite reaching the Champions League semi-finals and final respectively. This year, Chelsea haven't even made it into the final four.

Yet while Ancelotti's fate appears sealed, the identity of his managerial successor is more uncertain. The First Post looks at the leading candidates to take the reins at Stamford Bridge.

GUUS HIDDINK (ODDS 15/8)

The Dutchman's short-but-sweet stint as Chelsea manager in 2009 means he remains bookies favourite to take over from Ancelotti this summer.

Bought in to replace the beleaguered Luiz Felipe Scolari on 11 February 2009, Hiddink took Chelsea on a remarkable run which saw them lose only one match for the remaining season. The return to form was not enough for the Blues to capture the Premier League, but victory in the FA Cup and the narrowest of Champions League semi-final exits to Barcelona on away goals guaranteed Hiddink's heroism among fans.

The 64-year-old is currently committed to Turkey's Euro 2012 qualifications, though he was also manager of Russia back in 2009 when Chelsea came calling. If Abramovich fails to woo Hiddink into full-time management he may offer him the position of sporting director, to be vacated by Frank Arnesen at the end of the season.

JOSE MOURINHO (7/2)

No Chelsea management speculation can be complete with Jose Mourinho's name being thrown into the mix. The Portuguese retains iconic status at Stamford Bridge after leading the Abramovich revolution and claiming six trophies in three seasons.

Since leaving Chelsea in 2007, after his relationship with Abramovich disintegrated, Mourinho's stock has only risen as he went on to win the Champions League for a second time with Inter Milan (he first won it as Porto boss in 2003).

Media-savvy Mourinho, currently with Real Madrid, has continually flirted with the prospect of a Premier League return in recent months, publicly stating that his next managerial post will be in England. However it would seem unlikely that the 48-year-old would leave Madrid after only one season in charge, especially as his standing in Spain has considerably increased after leading the Galacticos to their first Champions League semi-final in eight years.

While a Chelsea return for Mourinho still beckons, it is unlikely to happen this summer.

PEP GUARDIOLA (9/2)

Barcelona's boss has become managerial hot property after creating what is widely regarded as the world's best football team.

A coaching amateur when he took over from Frank Rijkaard at the Camp Nou in 2008, the young Spaniard has flourished in his first senior managerial role. Winning the treble of La Liga, the Copa del Rey and the Champions League in his first season at the Nou Camp, Guardiola has instilled a 'sexy football' mentality that is bound to have caught Roman Abramovich's eye.

Yet what can Chelsea offer that Guardiola does not already have? He has some of the world's best players at his fingertips and is managing the club he represented as a player for over two decades, and he recently signed a lucrative deal to keep him there until June 2012.

It would be quite some coup if Abramovich managed to poach Guardiola from Barcelona.

DIDIER DESCHAMPS (12/1)

An ex-Chelsea player and accomplished European manager, Didier Deschamps is likely to be on Roman Abramovich's shortlist.

A World Cup winner in 1998, Deschamps moved into management with French side Monaco and reached the Champions League final in 2004. Since then a mixed stint with Italy's beleaguered Juventus was followed by success at Marseille, where the Frenchman led the team to its first top-flight title in 18 years.

Deschamps's contract with Marseille runs until June 2012, but the 42-year-old is rumoured to be restless. A return to the Premier League may well be on the cards for the former French captain.

ANDRE VILLAS-BOAS (12/1)

Villas-Boas is being talked up in some circles as the 'new Mourinho'.

With no professional playing experience, the 33-year-old earned his coaching stripes working under Mourinho at Porto, Chelsea and Inter Milan. His first major managerial role came in the 09/10 season when he, remarkably, guided Portuguese relegation-strugglers Academia to a comfortable mid-table finish.

Installed as Porto boss last summer, despite being the youngest manager in Portugal's top league, Villas-Boas inspired the team to a 36-match unbeaten streak, breaking the club's previous record of 33 games under, you guessed it, Jose Mourinho. Since then he has clinched the league title and taken Porto to the Europa League semi-finals.

While seemingly destined for great things, Villas-Boas's rookie status and relative obscurity make him an unlikely victor in the race to become Chelsea's next manager. ·