The future of Carlo Ancelotti will be discussed once again at boardroom level following their defeat at Arsenal tonight.
The worst run in Roman Abramovich's reign as owner of the Blues - one win in eight league games sees Chelsea six points off the top and one point ahead of fast-improving Spurs.
Chelsea are fast becoming Liverpool.
But is it all about Ancelotti losing his way with tactics, players and the board.
Chelsea are demonstrating relegation form on the pitch and a Sunday league pub mentality off it - and they are hanging onto fourth place by the skin of their teeth.
And it's the fear of not qualifying for next season's Champions League that will be at the forefront of the board meeting.
Chelsea simply have to be in the Champions League to survive at the top level.
Chelsea cannot match the revenue generated by Manchester United and Arsenal who pack their stadiums with 75,500 and 60,000.
They cannot hope to match the cash bankrolling Manchester City.
They are under orders from Abramovich to make major savings and not to delve into the transfer market unless in exceptional circumstances - ie long-term injuries to key senior players.
Add to the fact that each Premier League squad is limited to 25 players and Chelsea offloaded vastly experienced but expensive men, one can see why the Blues are now struggling to come to terms with the loss of a couple of key players.
With new regulations coming into force in the next couple of season which limits how much you spend to the income recieved, then that explains why Chelsea's board have gone down the route they have - bringing in kids to replace Joe Cole, Michael Ballack and Juliano Beletti.
It explains why they replaced Wilkins with a guy who coached girls under-14 soccer in the USA.
But Abramovich wants his cake and to eat it.
Rather than deal with an aging squad by replacing like for like, Chelsea have gone down the skinflint route and are paying the consequences and how Manchester United, City and others are laughing at them.
Chelsea are heading the way of Liverpool and one could argue have less chance of coming back if they drop out of the top four.
The sacking of Ray Wilkins and the resignation of Frank Arnesen demonstrates that this is a club who simply cannot handle success. In particular, Abramovich simply cannot let the experts do their jobs for any significant length of time.
One only hopes the Russian billionaire lets the designer and builders of his next super luxury yacht do their job proberly otherwise, he could be heading for the lifeboat.
For now chelsea face a resurgent Bolton Wanderers at the Bridge on Wednesday evening. Chelsea have struggled with them in the past and if they fail to dispatch them, then it's almost certain more heads will roll.
It won't be Abramovich's that's for sure - who's could it be?