The 69-year-old Dutchman is currently at a London hotel holding discussions with Blues officials.
Hiddink, who has already had one spell as Chelsea boss, winning the FA Cup in 2009, is yet to sign a contract.
Former striker Mateja Kezman had nothing but praise for the manager: "He is a top coach who knows what to do every time. He knows when to tighten the belt, but also when to loosen. He is a good coach and even better psychologist.
"I'm convinced that with him Chelsea will recover and rise in the table, and I'd also say they are one of the favourites for the Champions League."