The Blues Managing Director said the fee and personal terms had been agreed with the club and player but the Italian strker went back on the deal and decided to stay in Rome.
Chelsea had hoped to boost their squad this summer but so far Gianluca Vialli has been unable to bring any new faces to Stamford Bridge .
Hutchinson said "It's been a very frustrating summer , Delvecchio has been particulary disappointing , not the fact that we did'nt get the player but the way we arrived at that."
"We had a deal with Roma and a deal with the player but we still did'nt get it."
"The player and the club reneged on what had been agreed and he stayed at Roma.
Obviously he used Chelsea to get a better contract , thats part of modern day football"
Chelsea had been linked with a multi-million pound double swoop for Delvecchio and his midfield colleague at Roma , Luigi Di Biagio.
Vialli has beeen desperate to bring more top-quality players to Stamford Bridge to ensure his team can challenge Manchester United and Arsenal for next Season's Premiership title
The Blues boss hasn't abandoned hope of luring Di Biagio to London, but a striker remains top priority.
Pierluigi Casiraghi is unlikely to play before the end of the year and Vialli himself announced his retirement as a player this summer to concentrate on managerial duties.
Hutchinson said " We need a quality forward , there's a shortage of them throughout Europe and all the big clubs are chasing them"
"The transfer of Christian Vieiri for £28 Million has not helped matters as far as we're concerned"
"We're working on matters but it's a long and painstaking job"
Vieiri's transfer could however trigger a merry-go-round of strikers around Europe , giving Chelsea another chance to capture a big name.
Chelsea were beaten by Lazio in the race for Simeone Inzaghi but that could allow Chilean star Marcelo Salas to leave the Roman giants.
Chelsea have also been linked with Inter striker Nicola Ventola.
EVENING STANDARD