Poisoned chalice it may be but it's also a passport to untold riches that would tempt any manager. We take a look at the top five candidates and to be fair, we're struggling to see past Rijkaard...
ROBERTO MANCINI (6/4 favourite)
Currently: Reportedly out of work after leaving Inter Milan.
Biggest Managerial Achievement: Winning the Serie A title three times in a row (though one was handed to him, another was won almost by default and the third was eventually eked out after they did their utmost to throw it away).
Why It Will Be Him: He's immediately available and on paper it looks like he's achieved a massive amount in three years. He's obviously accustomed to the kind of pressure that comes with managing potential champions and comfortable with a big budget.
Why It Will Not Be Him: A pragmatic Italian style of football that wouldn't exactly be an antidote to Avram Grant. He has also completely failed in Europe with Inter and there's little to suggest that he would do any better with Chelsea.
MARK HUGHES (7/2)
Currently: Manager of Blackburn.
Biggest Managerial Achievement: Established Rovers as a top-ten Premier League side on one of the smallest budgets in the division, unearthing bargains like Benni McCarthy and Roque Santa Cruz in the process.
Why It Will Be Him: He is one of the few potential managers who can boast a) a Chelsea affiliation and b) extensive knowledge of the Premier League. His skill with a limited budget might not make him an obvious choice but with Peter Kenyon keen to get the club on a more even financial keel, it's no surprise that the ManYoo fan is apparently championing the former ManYoo man.
Why It Will Not Be Him: A complete lack of experience in managing a big club and dealing with big pressure and big budgets. It would be a massive step up from Blackburn to Chelsea. And it's hardly like Blackburn are known as The Entertainers...
GUUS HIDDINK (5/1)
Currently: Russian national coach.
Biggest Managerial Achievements: Winning the Treble with PSV in 1987/88, coaching South Korea to the semi-finals of the World Cup and taking Australia to their first World Cup in 32 years.
Why It Will Be Him: Roman Abramovich is obviously a fan - he helps to bankroll him in his position as coach of the Russian national side. His CV is a tale of (almost) unbroken success, and if Chelsea want an antidote to the inexperience of Avram Grant then Hiddink is definitely their man. He's also likely to fancy a change after Euro 2008 as the thought of another long qualifying campaign may not float his boat.
Why It Will Not Be Him: The one time he has managed a big club with a massive budget (Real Madrid), he fell flat on his face. And at 61, will he really fancy the pressure of having millions to spend and needing to deliver the Champions League to keep his job? Maybe he likes the semi-retirement of international football?
FRANK RIJKAARD (7/1)
Currently: Jobless after leaving Barcelona.
Biggest Managerial Achievements: Winning the Champions League in 2006 as well as two La Liga Championships.
Why It Will Be Him: His Champions League-winning assistant Henk Ten Cate is already at Chelsea and it seems to be set up for a return of the dream team. After Barcelona, Chelsea will seem like a relaxing little part-time job in the local bakery - no pressure will come close to what he has endured in Spain. He has an aura about him that only comes from winning trophies and that is an aura that might well tempt the likes of Didier Drogba and Michael Essien to stay. Oh and he plays attacking football.
Why It Will Not Be Him: After Barcelona, he might just fancy a break or a return to a situation where there aren't too many chiefs trying to call the shots. How much has five years at Barcelona worn him down?
DIDIER DESCHAMPS (8/1)
Currently: Jobless after leaving Juventus last year.
Biggest Managerial Achievements: Taking Monaco to the Champions League final in 2004 and leading Juventus back to Serie A.
Why It Will Be Him: Having spent a season with Chelsea as a player, he is already half-way to gaining the support of the fans. He is also well rested after a season out of management and is the only candidate to have already declared an interest. His Monaco side beaten by Jose Mourinho's Porto back in 2004 played an attacking 4-4-2 formation that might well appeal to Roman Abramovich.
Why It Will Not Be Him: Having fallen out with the powers-that-be at both Monaco and Juventus, how will he cope with the 'too many chiefs' situation at Chelsea? After only five seasons in management, is he really ready for one of the biggest jobs (and budgets) in football?
Other candidates: Phil Scolari (8/1), Sven-Goran Eriksson (8/1), Jose Mourinho (12/1).
Odds provided by Skybet.
Sarah Winterburn