The Dutchman had three successful months at Stamford Bridge in 2009, and according to reports in the Daily Mail, Abramovich could look to bring him back to replace Carlo Ancelotti in the Chelsea hotseat.
The owner is aware that Hiddink would be a popular choice with players and fans alike, and will seek to poach the famed tactician as his tenure in Turkey as their manager has not been going smoothly.
Under the Dutchman they have lost their last three matches, and could miss out on qualification for Euro 2012, as Germany and Austria are ahead of them in their group.
Hiddink lost only one match as Chelsea manager, and won the FA Cup during his short spell with the club.