Owner Roman Abramovich will hand the the yet-to-be appointed Chelsea manager a massive £247 million transfer kitty, according to The Daily Mail.

The Russian henchman has yet to appoint a permanent successor to Andre Villas-Boas, who was sacked at the beginning of March after seeing the Blues drift out of the Premier League title race and to qualify for the Champions League.

Interim manager Roberto Di Matteo has since helped the Stamford Bridge club into the Champions League semi-final and cut the gap to fourth place Tottenham Hotspur to two points.

Many have accused the current Chelsea squad of having not progressed since the days of Jose Mourinho, with the Blues still dependent on the likes of captain John Terry, 31, Frank Lampard, 33 and Didier Drogba, 34.

Therefore Abramovich is preparing to hand his new man in excess of £200 million to revamp the Chelsea squad ahead of an assault on success in the Champions League and Premier League.

As many as 11 players are being targeted to replace the places of Florent Malouda, Salomon Kalou and Drogba.

It's understood that Chelsea will again try to tempt Spurs' Luka Modric for an estimated £40 million, leading their summer transfer dealings.

Porto pair Hulk and Alavaro Pereira, who was close to joining the club last summer, are also on the list, as are Napoli duo Ezequiel Lavezzi and Edinson Cavani.

Gonzalo Higuain, the Real Madrid forward, and Radamel Falcao, the Athletico Madrid hitman, are also being targeted, as are Lille's Cesar Azpilicueta and Eden Hazard.

Completing the list are Borussia Dortmund whiz Mario Gotze and Ajax talisman Jan Vertognhen.

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