The 63-year-old declined the chance to take up the full-time manager’s post at Chelsea last season following a successful temporary stint at Stamford Bridge in which he successfully guided the Blues to the FA Cup trophy.
The news will have alerted a host of European clubs, with the highly-rated manager reportedly already having attracted interest from the likes of Juventus and Liverpool.
“After speaking with the new Federal President I have decided that I will no longer be coach of Russia upon expiry of my contract. That is all I want to say for now,” Hiddink told De Telegraaf.
Juventus, who were said to be chasing the signature of Liverpool manager Rafael Benitez after coach Ciro Ferrara was sacked, may be one club interested in the services of the Dutch manager.
The Serie A side have put Alberto Zaccheroni in temporary charge until the end of the season following Ferrara’s departure after just 30 games in charge.
Prior to his time in charge of Russia and Chelsea, Hiddink also managed a host number of European clubs including Real Madrid, Valencia and PSV Eindhoven.
He also guided South Korea to the semi-finals of the World Cup in 2002, the furthest any Asian side has ever progressed in the competition. The success prompted the nation to re-name the Gwangju World Cup Stadium after the Dutchman.
MORE: Man United latest news
MORE: Arsenal latest news
MORE: Chelsea latest news
MORE: Liverpool latest news