London, June 1 (ANI): Former A C Milan coach Carlo Ancelotti has accepted a 50 million pound assignment with Chelsea, which is owned by Russian billionaire Roman Abramovich.

The Italian coach, 49, has been tasked with the responsibility of bringing the Premier League trophy back to Stamford Bridge.

Ancelotti is expected to be unveiled officially as Guus Hiddink's successor within 24 hours.

After his last game with Milan - a 2-0 win at Fiorentina on Sunday - he said: "In agreement with the club, we have decided to terminate the contract a year early.

At least three new stars are on the radar with Abramovich giving Ancelotti the biggest Blues transfer budget since Jose Mourinho.

It is the first time in two seasons the Russian owner has dipped into his own pocket to buy players.

Sun Sport revealed last week Chelsea have already agreed a deal for CSKA Moscow attacking midfielder Yuri Zhirkhov. Both Bayern Munich's French winger Franck Ribery and Valencia's Spain striker David Villa have already been targeted.

Ancelotti has also authorised the sale of Florent Malouda, Salomon Kalou and Deco. (ANI)