Russia coach Guus Hiddink revealed on Thursday that Chelsea owner Roman Abramovich has asked him to take over as manager of the Premiership giants.
Dutch national coach Marco van Basten and former Germany boss Jurgen Klinsmann have both been linked with the job which Avram Grant currently holds, leading Chelsea to issue a statement on Wednesday insisting no one had been offered the job to replace Jose Mourinho.
But Hiddink said the club's Russian billionaire owner asked him if he wanted to return to club management.
Hiddink, 60, said in the Daily Express: "Abramovich asked me 'What do you want?'. I told him that right now I want to do nothing else except concentrate on Russia.
"I want to see this through now and then see what happens. We like living in Moscow and they seem to like us," said Hiddink.
Hiddink could be available in November when Russia's Euro 2008 campaign comes to an end, but with the side looking good for qualification, Abramovich, who pays half Hiddink's £1.2m pounds-a-year wages, may have to wait until after next summer's finals before making his move.
"We have started a project here with this team and they want us to stay for another two years after the European Championships," added the Dutchman.
Hiddink's coaching career includes stints at Spanish sides Real Madrid, Valencia and Real Betis, Dutch club PSV Eindhoven and Turkish side Fenerbahce.
He also coached the Dutch national team, along with Korea Republic and Australia before taking over Russia in July 2006.