The Blues are seeking a successor to Brazilian coach Luiz Felipe Scolari having sacked him on Monday, and had been granted permission by the Russian FA to speak to the Dutchman about coaching the west London outfit until the end of the season.
However, Hiddink would remain in charge of the Russian national team, a position he is reluctant to leave until after the 2010 World Cup.
"I want to say officially that there has been absolutely no talk of me leaving the Russian national team," Hiddink told Sport Express. "I will stay and continue working with a team I feel very comfortable and at ease with."
When questioned whether he could successfully coach both an international team and one of the biggest clubs in Europe seeking both domestic and European glory, he said: "You correctly use the word 'if'. I can't rule out that option but it is at the stage of being examined. If everything is organised properly a move to London could happen.
"I'll be able to give you a final answer in a few days."
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