Hiddink managed Chelsea between February and May 2009, leading them to FA Cup success. He has a good relationship with the Blues' Russian owner Roman Abramovich, and has again spoken fondly about his time in London.
"I'm going to take some time off and then we will see what happens, but I had a wonderful time in England," Hiddink said in quotes reported by the Daily Telegraph. "It was great at Chelsea, a terrific time, but that doesn't mean I am ready to start tomorrow. I need some time to reflect."
Andre Villas-Boas is Chelsea's manager now after replacing Carlo Ancelotti in the summer, but Hiddink appears ready to consider a sporting director or similar role in the future.
However, Hiddink is not contemplating a move back to Holland after being linked with a potential position at reigning Eredivisie champions Ajax.
"A while ago I just had contact with (Ajax supervisory board member) Johan Cruyff and then was told that the door would be open and that I would be welcome," he told Dutch website www.vi.nl.
"I want something else, perhaps an advisory role. I'm not ready to retire, I like to be involved with a team on a daily basis, but maybe I am ready to step out of the limelight a little bit, away from the cameras. Hopefully I will still be involved but perhaps it will be as an adviser or a consultant. I don't see myself working in the Netherlands."
Hiddink's departure from the Turkey job was confirmed in a statement on the official TFF website which read: "Following the meeting between Turkish Football Federation Executive Committee and Turkey head coach Guus Hiddink, the Dutch coach's contract has been terminated by mutual consent.
"We would like to thank Mr Guus Hiddink for his services during his working period, and wish him all the best in his future career."
Hiddink, who has also managed Holland, South Korea, Australia and Russia at international level, took charge of the Turkish national team in August last year and leaves the post after just 15 months.
Source: PA
Source: PA