Scolari could net £15million pay off

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The Barclays Premier League club terminated his three-year contract, worth an estimated £6million per annum to the Brazilian, after he had spent just seven months in the Stamford Bridge hot-seat.

It could take the total spent on getting rid of the last three managers to around £40million, following the departures of Jose Mourinho in September, 2007 and Avram Grant last summer.

Grant was fired to make way for Scolari just five months after putting pen to paper on a new four-year deal.

The club's chief executive, Peter Kenyon, is due to reveal the club's accounts for the year ended July 2008 at the end of this week.

They are expected to show a loss with much of it likely to be explained away by the massive pay-offs to Grant and Mourinho.

Kenyon continues to insist the club will become 'operationally independent' of owner Roman Abramovich by 2010.

But that plan may now have taken a huge setback because of the decision to offload Scolari.

Chelsea recorded a loss of £75.8million in the accounts to the end of June 2007 and although that was significantly better than the £140million loss recorded two years earlier, their continual handouts to unwanted managers threatens to undermine their plan to run a cost-effective ship.

The club's owner is reported to have seen his wealth hit by the global financial crisis but he steadfastly refuses any notion that he is looking to sell the club.