Chelsea owner Roman Abramovich has reportedly called off plans to build a £100m mansion overlooking the Thames in London.

The Russian billionaire got the go-ahead from the Kensington and Chelsea council to transform the building that he bought for £25m into two underground storeys.

"I have been advised that the building owner has decided not to proceed with the proposed building works," the Daily Mail quotes surveyor Rosemary Silver as saying.

Reports have claimed that the renovations would have taken one year to complete.