Chelsea have reached an "amicable" settlement with their sacked manager Claudio Ranieri, who will take up the vacant post with the Spanish champions Valencia today.
Though the Italian had demanded full settlement of his £6m contract, it is understood that he has accepted a pay-off of around £3m. However neither Chelsea nor Ranieri's agent, First Artist, which has been conducting the negotiations, would confirm the figure after signing a confidentiality agreement.
"We have fully honoured the terms of Claudio's contract and we wish him good luck for the future," Chelsea said. "Our discussions were amicable. We are pleased we have been able to agree this so promptly."
The confidentiality cause will prevent Ranieri from discussing details of his working relationship with the owner Roman Abramovich or the chief executive Peter Kenyon.
Ranieri is now free to return to Valencia, the club he left to join Atletico Madrid after winning the Spanish cup in 1999. "I am grateful for Chelsea's help in bringing this settlement to a swift conclusion," he said.
Paul Dickov has completed his move from Leicester to Blackburn for £150,000. The Scotland striker had a release clause in his contract if the Foxes were relegated.
