The Russian oil tycoon, who took over at Stamford Bridge earlier this week, was reported to be ready to offer Capello a massive contract plus a huge transfer fund to strengthen the squad.

Capello, who has two years left to run on his Roma contract, said he was flattered to hear his name linked with Chelsea, whose only league title success was in 1955.

"I'm happy that my name is doing the rounds," Capello told the Corriere.

Chelsea's current coach Claudio Ranieri, who signed a new five-year contact in April this year, insisted he was in charge until told otherwise but admitted Abramovich's arrival could bring about changes.

"I will continue to coach the team. I honestly don't know anything about these suggestions, but I do know the rules of the game," he said.

"When a club passes into different hands anything can happen. A new owner can legitimately make his own choices."

Capello, 57, is one of the Europe's most successful coaches. He took the helm at AC Milan in 1991 and guided them to four league titles (1992, 1993, 1994, 1996) and one Champions League success (1994).

The former Italy international joined Roma in 1998 and helped them become Italian champions three years later.

Abramovich told the Britain's Sun newspaper he had made a 50-million-euro (57-million-dollar) bid for Milan defender Alessandro Nesta that the European champions turned down.

The Russian is also reported to be chasing Barcelona's Dutch striker Patrick Kluivert, Juventus' Dutch midfielder Edgar Davids and Milan's Brazil World Cup playmaker Rivaldo and Russian forward Andrei Shevchenko.

French newspaper reports said Abramaovich was also trying to beat Manchester United in the race to sign Paris St Germain's Brazil World Cup star Ronaldinho.

Abramovich, one of the major shareholders of Sibneft, the fifth largest Russian oil producer, has bought out Chelsea and agreed to cover their huge debts for a total of 193 million euros (223 million dollars).

The deal, the biggest in British football history, was finalised late Tuesday after talks with long-time chairman Ken Bates, who bought the club in 1982.

Ambramovich, who has a law degree from Moscow State Law Academy, has said he wants to build a team at Chelsea that is capable of winning the Champions League in the next three years.