Atletico Madrid manager Diego Simeone is set to end speculation over a move to Chelsea with a new contract at the Vicente Calderon stadium.

The former Argentine international midfielder – famous in England for helping get David Beckham sent-off at the 1998 World Cup – was amongst the contenders to replace Rafa Benitez at Stamford Bridge in the summer, according to talkSPORT.

However, AS claims the club currently sat second in La Liga are finalising a new deal for the 42-year-old, who’s been in charge since December 2011, and oversaw an emphatic 4-1 win over Chelsea in the European Super Cup at the start of the current campaign.

Negotiations are close to completion over a four-year extension, according to the Spanish paper, and Simeone would be tied to the club until 2017 if he pens the deal.

His decision to stay with Los Rojiblancos would mean that Chelsea owner Roman Abramovich will have to look elsewhere at the end of the season in the search for a new head honcho.

Malaga chief Manuel Pelegrini has also been linked with the Blues position, whilst Jose Mourinho is currently the bookmakers’ favourite to return to the King’s Road.

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