However, Hiddink stressed his full commitment to helping Russia qualify for the 2010 World Cup.
"This would only be for the next two or three months until the end of the season. I will not leave my job with the Russian national team. It's out of the question.
"When I took the Russia job it was a long-term project and I don't like to leave it unfinished," he added.
Hiddink had brilliant achievements in his last three jobs with Netherlands, South Korea and Australia and is working to lead a different team into the World Cup for a fourth successive time.
The RFU also insisted that Hiddink would remain as the country's manager until the end of 2010 World Cup.
Russia have two World Cup qualifiers over the course of the rest of the Premier League season - at home to Azerbaijan on 28 March and away to Liechtenstein four days later.
Earlier on Tuesday, Chelsea thanked the Russian football association for giving them permission to talk to Hiddink.
"Chelsea Football Club can confirm it has officially approached the Russian Football Union (RFU) for permission to speak to Guus Hiddink to become the club's temporary coach until the end of the season while continuing to be in charge of the Russian national team," the club said in a statement.
Chelsea have seen sacking of four managers, including Inter Milan boss Jose Mourinho, since Abramovich's arrival in 2003. Scolari was fired following a poor run of results which left the team all but out of the league title race.
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