There will be a sense of deja vu for Mauricio Pochettino on Saturday afternoon; walking out under the Wembley arch for the second time in as many months, he will once again face a defining match in his Chelsea tenure as the major underdog.

But while there were calls for his head after the extra-time defeat to an under-strength Liverpool in the Carabao Cup final, the Argentine tactician is unlikely to face the same level of scrutiny if his side are unable to overcome Manchester City in the FA Cup semi-finals after overseeing something of a turnaround.

Although progress has been gruellingly slow, as he prepares his team for a second semi-final of the season, Pochettino has arguably done enough to keep his job when the Chelsea ownership come to review his position next month.

Cup consolation

However challenging the Premier League campaign might have been, Pochettino has used the cup competitions to his advantage and made Chelsea challengers again.

They are back at Wembley in the FA Cup semi-finals on Saturday having reached the Carabao Cup final two months ago - two competitions they exited in the third rounds under Graham Potter last season, albeit both of those ties came against Man City.

The Blues fell short against Liverpool in February, despite taking the high-flying Reds all the way to the dying embers of extra time, and they will once again be massive underdogs when they walk out against City in north-west London.

If - and it's a big if - they can somehow overcome Pep Guardiola's men, a more favourable final lies ahead with Championship side Coventry City and fellow transition toilers Manchester United contesting the other semi.

Regardless of the result, though, Pochettino's feat of taking what was a rudderless Chelsea side back to within touching distance of the silverware the club craves and, indeed, expects should not be understated.

European chance

Relative cup success aside, there is no doubt that Chelsea are still nowhere near where they want to be in the league, with any hope that last season's nightmare was merely a blip brutally extinguished a matter of weeks into the new campaign.

It's evident that this is going to be a gruelling transition as the club tries to claw its way back to the top, and we are witnessing Pochettino oversee those baby steps - even if he is fighting a near-impossible battle against the impatience of a demanding fanbase.

Despite producing another catalogue of disappointing results in 2023-24, Chelsea are eight points better off than at the same stage last season, and since Christmas only the top three, Man City, Arsenal and Liverpool, have collected more amid an eight-game league unbeaten run.

Quite remarkably, a return to European football next season is not out of the question. The Blues have two games in hand on eighth-placed West Ham, who are one point ahead of them, and one in hand on Newcastle and Man Utd, who are just three points ahead and occupy sixth and seventh respectively.

Crucially, Chelsea have a far superior goal difference to Erik ten Hag's side, although that game in hand will be a tricky one at home to fierce rivals Tottenham and there is the small matter of Arsenal away to follow the cup semi-final.

Where there's Palmer, there's hope

The late push for European football has been spearheaded almost singlehandedly by revelatory summer signing Cole Palmer, and Pochettino deserves huge credit for overseeing his meteoric rise and giving him the freedom to succeed, despite the fact he didn't necessarily want to sign him in the first place.

"I think the sporting director and the owner of course, but the sporting director it was his idea to add him to the squad," the Argentine said when Palmer's arrival was confirmed in September. "I think he’s fit for the project. Talented player, of course."

Just six months on, as we approach the season's climax, Palmer has an outrageous 36 goal contributions in all competitions - without which Chelsea would be in serious trouble. The player himself is a staunch believer in Pochettino's project, and if there's anyone we should sit up and listen to at present, it's probably him.

"There is so much talent at Chelsea," he said recently. "The fans don’t see it, but the way the manager works us on the pitch, the things he does with us, it is only going to get better. I am sure, if not next season, then the season after. It is a project, everyone is young, you will see it sooner or later."

Signs of change

It is notable, too, that Palmer's individual displays have been emblematic of an overall change in style that seems to have unshackled certain members of the squad.

Although they have become agents of chaos and concede goals for fun, Chelsea's own goal-shyness is a thing of the past, and while they are still inconsistent, they generally play a cohesive, possession-based, attractive brand of football. There appears to be a newfound togetherness too, with the off-field issues of last season potentially behind them.

Players like Moises Caicedo and Nicolas Jackson are finding their feet and emerging as important figures, while the likes of Conor Gallagher and Raheem Sterling have made some crucial contributions, too.

The 6-0 demolition of Everton on Monday gave a glimpse of what could be possible if this project is allowed to gather steam. Indeed, this is still a team that is far, far, far from full strength.

The underlying hindrance

It's well documented that there will be a rather large asterisk next to Chelsea's list of underachievements this season, with an injury crisis taking hold before the campaign had even begun and becoming almost laughable in the months since.

The west London club have had to deal with more than 50 separate injury issues in 2023-24, which has left Pochettino with the bare bones of his squad to work with at times, with at least seven first-team players unavailable for every matchday so far. Before facing Everton last time out, Chelsea confirmed 10 players would be sidelined.

The list of long-term absentees includes key names such as captain Reece James and big-money summer signings Christopher Nkunku and Romeo Lavia - both of whom have barely featured and will effectively be starting again in the summer.

Given the sheer volume of fitness problems he has had to contend with and the fact Chelsea have been shorn of potential difference-makers across the pitch, the head coach deserves some praise for navigating the crisis to this point. Although his intensive training methods have come under some scrutiny, they are clearly not solely to blame.

The FFP problem

If Chelsea did want to part company with the manager in the summer, then their financial situation could provide one heck of a stumbling block, and there is no doubt that will influence the board's decision when Pochettino's position is reviewed at the end of the campaign.

The Argentine will have 12 months remaining on his contract, which includes the option for a further year. Terminating that deal prematurely will cost the club more than £10 million ($12.5m) in compensation.

Chelsea are already in a precarious financial position as they battle to avoid falling foul of the Premier League's Profit and Sustainability Rules (PSR) having spent a mind-boggling £1 billion ($1.24bn) on new players under the Todd Boehly-Clearlake Capital ownership, and it's been reported that they may need to raise as much as £100m ($128m) in player sales to evade punishment.

If there was any doubt over Pochettino's ability to oversee more progress next season, that significant threat could well be enough to keep him in the job.

Another summer of change

Given a second chance and second season in charge, Pochettino can begin to mould what remains a rag-tag squad in his image. It seems almost certain to be another significant summer of change with more player turnover, although perhaps not on the scale of last year's clear-out.

The head coach is expected to be more hands-on this time around, working alongside sporting directors Paul Winstanley and Laurence Stewart, having joined the club too late to have much of an influence on their dealings in 2023.

Many associated with the club will be reassured that Pochettino seems to want to head in a different direction in terms of transfer strategy, as he pushes the agenda that Chelsea need more experienced players alongside their youngsters if they want to succeed.

He said recently: "We have experienced players in the squad. It is not going against the project to have some players who are helping the young guys to perform, to be professional, and to understand what it means to be in the Premier League and to be at Chelsea."

If he is backed in the right way, there is every chance that Pochettino can build on what he has started and take Chelsea another step closer to where they believe they belong next season.