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Andre Villas Boas is on the brink of becoming Chelsea's new manager after tendering his resignation as Porto coach.

Porto confirmed the news to the CMVM (Portuguese stock market) following reports from the Lusa news agency that the 33-year-old quit via fax.

Villas-Boas will officially leave his position once the terms of his release clause, 15 million euros, are met by prospective employers, Chelsea.

The statement reads:

"Porto Football Club, under the terms of article 248, number 1 of the Securities Law, informs the market that Porto Football Club was today notified of the intention of its coach, Andre Villas Boas, to rescind, with no just cause, his sporting contract of employment with this company, activating the respective release clause, with immediate effect.

"Therefore, the employment contract will be considered, by this company, rescinded, with the deposit of the amount specified (in the release clause)."

Chelsea has been searching for a manager since relieving Carlo Ancelotti of his post at the end of the season after he failed to build on his double-winning first season at the club.

Villas-Boas won a treble in his first year of management at the club last season.

He managed to break multiple records in his short time there, including highest number of consecutive wins in the Portuguese league and the biggest margin of points over the second-placed team.

He became the youngest coach to ever win a European competition when he guided the Portuguese league champions to victory in the Europa League just over a month ago.

Prior to Porto, Villas-Boas was manager at Academica in Portugal for the 2009-10 season, which was the catalyst for being hired as Porto head coach.

The young Portuguese coach also worked with Jose Mourinho at Chelsea and Inter during his respective stints at the clubs.

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