Earlier this afternoon, Sky Sports News had claimed that Carlo Ancelotti's agents had met with Roman Abramovich and his advisors, and thashed out a deal that would bring the Milan boss to Chelsea.
All that supposedly remained was a deal being struck between the two clubs.
However, the speculation seems to be some way from the mark, with Chelsea immediately and vehemently denying the reports.
Read a statement: "Contrary to reports Chelsea Football Club has not reached agreement with any individual to become manager, nor have we sought permission from any organisation to talk to their manager.
"We are extremely happy with how our search is progressing."
Frank Rijkaard, Luis Felipe Scolari and Roberto Mancini are the other foreigners in the fray, and this development once again puts Mark Hughes right back in it after it seemed he had completed his switch to Manchester City.