Gianfranco Zola has unequivocally pledged his long-term future to West Ham despite doubts about the future of the club's ownership and speculation linking him with a move to Chelsea.

It now looks certain that West Ham will soon be run by a committee of banks following the collapse of Icelandic owner Bjorgolfur Gudmundsson's business empire.

Billionaire Gudmundsson, who held a majority stake in failed Icelandic bank Landbanki, has been particularly badly hit by the recession and another troubled bank, Strauma, look set to take on the club's debt.

Reports indicate that Gudmundsson and club vice-chairman Asgeir Fridgeirsson, will imminently sever their connections with the club and that Strauma, who were themselves nationalised last month by the Icelandic government, will take charge of the Premier League club.

As a consequence, it is unlikely that there will be any heavy investment while Strauma looks to offload the Hammers.

Zola insisted, though, that he is happy at Upton Park and is prepared to continue working within the confines he has had this season.

"The fans here know the situation," said Zola. "I have started something at this club and I want to see how it goes in the next few years."

With Chelsea's temporary manager Guus Hiddink also committed to returning to coach Russia at the end of this season, rumours had been rife that the Stamford Bridge club were seriously considering approaching West Ham for their former striker plus Steve Clarke, who left the Blues to join Zola last September.

AC Milan coach Carlo Ancellotti is the latest big name to be linked with the impending managerial vacancy at Chelsea but there are senior players who would be wholeheartedly in favour of Zola returning to the club he has always admitted "has a special place in my heart".

Zola, though, is an honourable man, as he demonstrated when Roman Abramovich tried in vain to tempt him back from his native Sardinia.

The Upton Park club have a long-term strategy which includes Zola, director of football Gianluca Nani and chief executive Scott Duxbury.

They have moved swiftly in recent days to draw up an improved contract for Zola, who looks certain to sign as long as he is given assurances that his coaching team, particularly Clarke, stay with him.

Zola added: "The club knows that is the first condition. This is not just about me but the whole team.

"The secret this season has been that everybody has done a great job together and now we must go forward as a team otherwise we will stay where we are.

"On the contract here are some positive things. We will see but hopefully in the next few weeks things will be settled. Hopefully there will be no problems. The club wants to look after us and I hope everyone will be satisfied."

Zola will have Radoslav Kovac back for tomorrow's trip to Aston Villa but Scott Parker remains a doubt.

West Ham, meanwhile, could be nearing a settlement with former manager Alan Curbishley who resigned last September.

Curbishley, who has been linked with the vacant Sunderland position, believes the club owe him almost £2million and today his lawyers were due to meet the club's legal representatives in a mediation meeting.