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Andre Villas-Boas quits Porto and is set to become new Chelsea manager

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, 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"Therefore, the employment contract will be considered, by this company, rescinded, with the deposit of the amount specified (in the release clause)."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 have 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 and the Blues have also released a statement via their official website, confirming that they are in talks with Villas-Boas over personal terms.

The statement reads:
"We note that the release clause of Andre Villas-Boas has been activated. We can at this time confirm our interest in him and hope to reach agreement with him on personal terms and make a further announcement in the near future."

Villas-Boas won a treble in his first year of management at the Portuguese 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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