Chelsea owner Roman Abramovich is understood to have held a meeting today with the club's directors to decide the fate of manager Jose Mourinho.

*UPDATE* Jose Mourinho has been sacked. Read the full story here.

The Portuguese, who led the Blues to the Premier League title last season, is said to be under huge pressure with the club now 16th in the Premier League with just 15 points from their first 15 matches, a point above the relegation zone.

Mourinho still retains strong support from the Chelsea fanbase but Russian billionaire Abramovich held talks with his closest advisors at the club.

Chairman Bruce Buck, directors Marina Granovskaia and Eugene Tenenbaum and technical director Michael Emenalo were thought to be at the meeting.

Mourinho, who received the public backing of the board earlier this season, signed a new four-year deal in the summer after winning the title and is currently the highest-paid manager in the Premier League with an annual salary estimated at anywhere between £8m and £13m.

His new deal did not contain any buy-out clause, meaning Abramovich would be forced to pay a fortune to sack him from Stamford Bridge. Mourinho has reiterated his desire to stay in charge and would likely demand a full compensation package, that is estimated to be in the region of £40million.

Mourinho vows to fight on

That huge price, plus a lack of realistic alternatives could keep Mourinho in his job for the time being.

Abramovich, who was at Stamford Bridge for the 2-0 Champions League win over Porto last week, is also keen to shake the reputation he has for lacking patience with managers.

Who could replace Jose Mourinho as Chelsea manager? Show all 14 1 /14 Who could replace Jose Mourinho as Chelsea manager? Who could replace Jose Mourinho as Chelsea manager? Antonio Conte The current Italy manager is Chelsea's preferred target should they dismiss Mourinho, as revealed by the Independent at the start of December. He could choose to combine his role with the Italian national team should the call come from Stamford Bridge, and he has a proven pedigree after leading Juventus back to the top of Serie A following their relegation. Could be available full-time next summer if he leaves his post with Italy after Euro 2016. 2015 Getty Images Who could replace Jose Mourinho as Chelsea manager? Pep Guardiola Reports have suggested that the current Bayern Munich manager would be Chelsea's favoured choice to replace Mourinho permanently, but convincing the former Barcelona coach to leave the Allianz Arena midway through the season would appear impossible. However, employing him at the end of the campaign could be a realistic option considering the Spaniard will be out of contract in the summer. Although there are rumours he is on the verge of signing a new deal. AP Who could replace Jose Mourinho as Chelsea manager? Carlo Ancelotti Has already managed Chelsea, during which time he led them to the Double in the 2009/10 season. There are few coaches with such an impressive track-record, but the fact he was shamefully sacked in the tunnel at Goodison Park could make the situation complicated. Would he want to return to a club that treated his with so little respect? The Italian has indicated he would prefer a return to management next season in the Premier League. Has said on more than one occasion that he doesn't like taking jobs midway through a season, while he is reported to have already agreed in principle to take over from Pep Guardiola at Bayern Munich 2015 Getty Images Who could replace Jose Mourinho as Chelsea manager? Brendan Rodgers His availability makes Rodgers a viable option, although whether the former Liverpool manager matches the calibre of coach that Chelsea would want to employ is debatable. But the Northern Irishman can boast of nearly taking Liverpool to the title and few others in the game would be so desperate to prove themselves. Also has ties with the club having worked under Mourinho during the Special One's first spell at Chelsea. 2015 Getty Images Who could replace Jose Mourinho as Chelsea manager? Diego Simeone The Atletico Madrid manager is probably the most exciting option out there. Having led Madrid's second club out of the shadow of Real to the title in 2013/14, the Argentinian proved his combative intense style could yield results. Convincing him to leave his current post could be tricky though, with Simeone agreeing a contract until 2020 earlier this year. Chelsea would have to pay around £15m to Atletico in compensation to buy him out of his contract. 2015 Getty Images Who could replace Jose Mourinho as Chelsea manager? Ronald Koeman The former Netherlands international has impressed since coming to the Premier League. Having joined Southampton at a time most predicted would be tough for the club after numerous high-profile departures, Koeman led the club to a seventh placed finish thanks to some astute buys and exciting football. 2015 Getty Images Who could replace Jose Mourinho as Chelsea manager? Laurent Blanc The former France manager could have done little more at PSG since taking over at the mega-rich club, winning the league for the last two-years running and making the French side a force in the Champions League. Among the notable European scalps in recent years was the defeat of Chelsea at the Round of 16 stage in last season's competition, and, providing he stays in Paris, they will meet at the same stage of this year's tournament for the third year running. 2015 Getty Images Who could replace Jose Mourinho as Chelsea manager? John Terry Captain. Leader. Legend. Manager? Few at Chelsea can claim to command as much respect as their long-term skipper. Whether he would want to step into the manager role is unclear, but as a short-term option until the end of the season, it could be the smoothest transition. 2015 Getty Images Who could replace Jose Mourinho as Chelsea manager? Gianfranco Zola Zola, who made 312 appearances and scored 80 goals for Chelsea after signing from Parma in 1996, is currently manager of Al Arabi in Qatar. He has signalled his ambition is to one day return to Stamford Bridge as manager. Getty Images Who could replace Jose Mourinho as Chelsea manager? Fabio Capello Former England manager Fabio Capello has been out of work since being dropped by Russia over the summer. He's said is open to taking over at Stamford Bridge, but how well the Italian would be received after his failures with the national team is unclear. 2015 Getty Images Who could replace Jose Mourinho as Chelsea manager? Guus Hiddink Hiddink had a successful short stint as Chelsea manager in 2009 which saw the club win the FA Cup. The Dutchman was popular among fans and appears a sensible short-term choice. However, his most recent gig, as Netherlands manager, didn't go well. After overseeing a few poor results after replacing Louis van Gaal, he left his post and the national side failed to qualify for next summer's European Championships. Has been made the bookies' favourite. 2015 Getty Images Who could replace Jose Mourinho as Chelsea manager? David Moyes The former Manchester United manager was sacked by Real Sociedad at the start of November after making a poor start to the La Liga season. Moyes has since appeared on TV and confirmed that he has had numerous offers to return to management in England, and that he is seeking his next job. His availability could make him a possible target through to the end of the season. Getty Images Who could replace Jose Mourinho as Chelsea manager? Juande Ramos The Spaniard will be an unpopular choice after his disastrous spell in charge of Tottenham Hotspur between 2007 and 2008 that lasted just 54 matches. He led Spurs to the League Cup but started the next season with just two points from his first eight matches leading to the appointment of Harry Redknapp. Getty Images Who could replace Jose Mourinho as Chelsea manager? Avram Grant Another former Chelsea interim manager, the Israeli led the Blues to the Champions League final in 2008 after taking over after the first time Mourinho was sacked. Has had spells across Europe since but never replicated that success and was never the most popular figure amongst the Chelsea support.

As The Independent revealed earlier this month, Antonio Conte is the leading candidate to replace Mourinho, but he is under contract with the Italian national team until the end of Euro 2016.

Carlo Ancelotti does not want to take up any job mid-season, leaving Brendan Rodgers as the only realistic candidate on an interim basis.

“I want to be [the manager],” Mourinho said after defeat to Premier League leaders Leicester City. "I have no doubts and you know me well enough that I’m not afraid of a big challenge. It is a real big challenge and I want to stay. I hope Mr Abramovich and the board want me to stay. I would like the board to analyse the situation, the budget, the balance of the club and what they were expecting."

Chelsea legend Frank Lampard believes Abramovich would be wrong to sack his former boss.

Jose Mourinho reacts during the 2-1 defeat to Leicester City (Getty Images)

"He's probably looking at it very closely," he told Sky Sports. "Obviously we've been here before with Chelsea when managers change midway through the season.

"I don't know how many times you can do that. We had some good results from doing it before but we had a different set of players at that point.

"But I have to say what they set out to do when Jose Mourinho came back was to have a long-term plan. What can they gain by getting rid of him now?

"They are probably not going to make the top four anyway or the top six. They're not going to get relegated I think if we are honest so I'm sure there's a view from Roman Abramovich to say, 'Hang on, let's see what happens at the end of the season'.