Potters took over from Thomas Tuchel who was sacked on Wednesday morning and the Englishman signed a five-year deal worth £10million each season.
Newsonline report that the Blues, currently sixth in the Premier League table, have delivered a number of concerning performances this new season.
The Blues’ owners have detailed two clear targets for the new boss: the first is to secure a top-four finish and the second is a deep run in the Champions League.
The manager will be sacked if he fails to do either of those things and the third target is to improve performances and forge a new philosophy at the club.
According to the report, the Englishman will be granted a second season and supported with new signings next summer if he makes clear progress on and off the pitch.
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With this weekend’s Premier League matches postponed, the new manager will take charge of his first match in next Wednesday’s Champions League clash with RB Salzburg.