Ranieri 'will not accept reduced compensation'

Claudio Ranieri’s representative has rejected claims the former Chelsea manager will be forced to take a reduced pay settlement from the Stamford Bridge club in order to take up the reins at Valencia.

Reports had suggested Ranieri may be forced to accept much less than the £6m (€9m) compensation he is rumoured to be due after being shown the door with three years left on his contract.

Chelsea chief executive Peter Kenyon had always insisted the Italian would be “paid in full” after he was sacked on Monday in order to usher in Porto boss Jose Mourinho as manager.

His representative Jon Smith said: “Contrary to certain reports, Claudio will not be forced into accepting substantially less than he is entitled to simply because he is hoping to take up a job at Valencia.

“Whilst we are not prepared to talk publicly about our discussions with Chelsea they are continuing amicably and we are optimistic a settlement will be reached soon.”

Smith had earlier this week welcomed Kenyon’s assertion that Ranieri would receive the pay-off he was due, insisting that if that was the case there would be no dispute.

Ranieri is said to be returning for a second spell at Valencia – where he guided them to Copa del Rey success in 1999 – and would be a popular replacement for Rafael Benitez.