Zico parts company with Fenerbahce

(CNN) -- Brazil's Zico has parted company with leading Turkish side Fenerbahce -- freeing him up for a possible move to the English Premier League,

The forner international star was linked with the vacant managerial position at Manchester City until Mark Hughes stepped in, while both Blackburn and Chelsea have vacancies.

British bookmakers reacted to the news by slashing Zico's odds for taking over at Chelsea.

Zico took charge of the Istanbul giants in 2006 and led them to the Turkish league title in his first season.

But they failed to match the achievements this season, finishing second to arch-rivals Galatasaray in the league, although an impressive Champions League campaign saw them progress to the quarterfinal stage, losing to Chelsea.

Fenerbahce president Aziz Yildirim told television station, NTV: "We have parted company with Zico.

"We know who the new coach will be and he will sign an agreement in Istanbul next week."