Former Chelsea coach Claudio Ranieri is poised to return to Valencia after agreeing personal terms with the Spanish Primera Liga champions, the club said on Wednesday.
"We have reached an agreement with him (Ranieri) but it is dependent on him finishing his relationship with Chelsea," Valencia director general Manuel Llorente told Spanish state television on Wednesday.
Ranieri made it clear that he was keen to return to Valencia, where he was coach five years ago.
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"Now we in the process of sorting out things with Chelsea and you know that," Ranieri added.
Chelsea chief executive Peter Kenyon said on Wednesday that the London club intended to honour their contract with Ranieri in full, but explained that that did not mean paying him off for the remaining three years.
Kenyon said there was a specific clause to deal with Chelsea terminating the contract that involved paying the Italian until he found a new job, but added that the two sides were still in negotiations over the details and amounts involved.
If the deal does go through, Ranieri would replace Rafa Benitez, who quit the club on Tuesday and has been linked with the vacant job as Liverpool manager.
Ranieri coached Valencia from 1997 to 1999, guiding them to victory in the King's Cup in his final season in charge before leaving for Atletico Madrid.
His spell at Atletico lasted less than a season and he took over at Chelsea in September 2000 following the departure of Gianluca Vialli.
Valencia winger Vicente, who is preparing for Euro 2004 with the Spanish squad, said that Ranieri would make the ideal replacement for Benitez.
"He has been coaching big teams for some time now and he knows how Valencia works," Vicente told a news conference at Spain's training base in Las Rozas.
"He knows how to run the team and I don't think he would have any problems. We will just have to support the new coach in every way we can."
Chelsea on Wednesday named former Porto coach Jose Mourinho as Ranieri's successor.
(Additional reporting by Mitch Phillips in London)