2‐Diphenylphosphanyl‐ and 2‐alkylphenylphosphanyl‐4‐methylphenols 1 or their silyl ethers 2 and equimolar amounts of nickelocene react in benzene preferably to give orange‐brown diamagnetic cyclopentadienylnickel chelate complexes [η‐CpNi(P∩O)] (3). Addition of a second equivalent of 1 or 2 affords (RR) and (SS) diastereoisomers of cis‐bis(P∩O‐chelates) 4a–c (R = Ph, Me, iPr) or the unsymmetrical cis‐bis(P∩O‐chelate) 5, whereas with bulkier substituted derivatives 1d or 2d (R = tBu) the second step is hindered or retarded. The reactivity of 1d remains high towards nickel salts in polar solvents, but in contrast to 1a–c, yielding 4, a sparingly soluble green trans‐bis(P–O‐chelate) nickel complex 6d is formed. Complexes formed in situ from 1 or 2 and Ni(COD)2 in toluene catalyze the polymerization of ethylene. The cyclopentadienyl (P∩O) complexes 3, however, are too stable to be active in this process. The crystal and molecular structure of 3c and 4c are described.