Chelsea and its former coach, Jose Mourinho, have reportedly reached an agreement on a compensation package on Friday.

Mourinho, the Blues’ most successful manager, left the club after “mutual consent” on Wednesday, but negotiations related to his settlement dragged on until Thursday evening.

The Portuguese’s ha a contract until 2010, but he’ll receive all the money – approximately 20 million pounds (40 million dollars).

Mourinho said he’s proud of what he achieved with the Blues, winning two Premiership titles - the club's first for 50 years, two League Cups and an FA Cup.

"I am very proud of my work and I think my decision in May 2004 to come to England was an excellent one," he said.

"It was a beautiful and rich period of my career. I want to thank all Chelsea FC supporters for what I believe is a never-ending love story."

Mourinho came to Chelsea after delivering the surprise of the Champions League when he won the title with underdogs FC Porto and the Londoners had high expectations from the Portuguese. He promptly met expectations by wining two English Premier League titles, an FA Cup and two League Cups in three seasons, but he didn’t manage to get to Blues to European supremacy as well, and that cost him as it caused friction between him and tycoon owner Roman Abramovich.

Some of the Chelsea players showed their disappointment at the loss of their former coach. Defender Ricardo Carvalho depicted Mourinho as "the best coach in the world" for the Daily Mail. 

"I never thought he would leave Chelsea without finishing his work, without achieving everything he wanted to,” he added.

Midfielder Claude Makelele not only praised his former coach but said that the one who will follow the Portuguese at the helm of Chelsea faces “a big challenge because he will always be compared to Mourinho”.

The London Football Club restated that Mourinho had neither resigned nor been sacked.

"We had all reached a point where the relationship between the club and Jose had broken down," it said in a statement posted on the club website.

The problems started whit some weeks to go in the past season as Chelsea already had won the League Cup and were in the cards to win an unprecedented four major trophies. But Manchester United made no error and won the league title, and Liverpool ousted Chelsea from the semifinals of the Champions League for the second time in three years.

This season, Chelsea ranks fifth in the Premiership with 11 points from six matches, behind both Liverpool and Man United on goal difference. Arsenal leads the league with 13 points, one more than Manchester City.

Although he irritated many coaches, fans and players, Mourinho also brought excitement and unpredictability to the Premier League. Probably most of those who are glad he’s going will soon realize there’s something missing from the mix that makes the Premiership and the Champions League such exciting competitions.

Jose Mourinho was certainly the best manager to lead Chelsea. That’s a fact. Only time will tell whether Abramovich was right not to let him do his job and pull out from the temporary slump the Blues were in.