In this work we have analyzed the changes of the magnetic properties in the Co-based Metglas 2714A (made by Allied Chem. Corp., USA) caused by isothermal heat treatments in the range of temperature from room temperature to conventional crystallization temperature T-cr = 550 degrees C. The nominal composition of the amorphous alloy is Co66Fe4Ni1B14Si15. The analysis is made on toroidal samples prepared by winding lengths of amorphous ribbon of about 20 cm. The magnetic properties undergo variations depending on the treatment temperature, except for the saturation magnetization which remains unchanged. For heat treatments of about half an hour around 500 degrees C, superior soft magnetic properties are obtained. Particularly, the initial permeability reaches values up to ten times the value of permeability in the as-received sample. Analysis by the transmission electron microscopy of the sample annealed around 500 degrees C reveals the formation of a nanocrystalline phase, with average grain size of 2 nm, embedded in a residual amorphous matrix. The occurrence of permeability increases in concomitance with the formation of the nanocrystalline phase is ascribed to a drastic reduction in the local magnetocrystalline anisotropy randomly averaged out by the exchange interactions, similar to the case of the annealed Fe-based alloys containing Cu.