Chelsea chasing Souness

Graeme Souness has emerged from a high-profile pack to become the favourite to lead the Chelsea reformation if England coach Sven Goran Eriksson rejects the overtures from Stamford Bridge.

The revelation came on a day when the fall- out from Manchester United chief executive Peter Kenyon's shock decision to move to the London club continued.

As United's share price fell by 10p to 168p, £26million was wiped off the value of the club. At the same time Chelsea's usurped chief executive Trevor Birch was negotiating his departure from Stamford Bridge.

But the news that Souness was a candidate to replace the unfortunate Claudio Ranieri confirmed Israeli super agent Pini Zahavi as the power behind Roman Abramovich at Chelsea. Souness, who has quietly resurrected Blackburn after their slump from Premiership champions into the First Division, is a close associate of Zahavi.

Souness also enjoys a warm relationship with Chelsea's new chief executive, who is close to Zahavi as well, and would relish the challenge at Chelsea should Abramovich's patience run thin with Ranieri before Eriksson quits England.

Souness has previously masterminded a football revolution at Rangers with a number of bold signings, winning three championships and four League Cups.