Hiddink and Jose Mourinho are among the potential replacements for Hughes as the Welshman’s future at Eastlands is still in doubt.
Hiddink will leave his post with Russia but he remains loyal to Abramovich who pays his £5million-a-year salary.
A Dutch source close to Hiddink told News of the World: “Manchester City might want Guus if they sack Mark Hughes but there is no way Abramovich would allow him to be manager at City.
“When Peter Kenyon left Chelsea he was forbidden to take up a post at Manchester City. That was part of the settlement.
“The only job Guus is likely to take now is behind the scenes at either a club in Holland or at Chelsea.”
