Ranieri favours return to Valencia

Claudio Ranieri admits he is keen on a return to Valencia, but the Italian looks set to have to wait until negotiations over his settlement with Chelsea are completed before making a move back into management.

Confirmation of the Italian’s long-anticipated departure came on Monday, freeing the west London club to complete a deal to bring in Portuguese coach Jose Mourinho, who was officially unveiled in a press conference yesterday.

Ranieri is already attracting interest in Spain from his former club and also met with Tottenham.

Chelsea are still conducting negotiations over the settlement of the remainder of their former manager’s contract, which ran until 2007.

Under the terms, the 52-year-old was set to receive a pay-off in excess of £6m (€9m) and those talks must be completed before he can clear the way for a swift return to management, according to Ranieri’s representative, Jon Smith.

“It is unlikely Claudio will sign a deal with any other club until this has all been resolved,” Smith revealed.