The Dutchman has had his contract terminated by the Turkish Football Federation after he failed to guide Turkey to a play-off win over Croatia, missing out on qualification for next summer's European Championship.
Ajax would like the 65-year-old to return to his homeland Holland in a director of football capacity but it is a similar role at Stamford Bridge that Hiddink could turn to instead.
Hiddink was popular figure at Chelsea when he took over from Luiz Felipe Scolari on a caretaker basis in 2009 and guided the club to FA Cup glory.
The players did not want him to leave before he opted to resume his full-time role at the time with Russia and it is understood he remains a close friend and confidant to owner Roman Abramovich.
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