Hiddink's contract expires in the summer of 2010 and his agent, Cees van Nieuwenhuizen, insists he will honour it.

"There's no way Guus will go to Chelsea," he said in the Times.

"It's not an option and has never been. Guus is the coach of Russia and will stay until the World Cup of 2010."

Hiddink is one of the favourites to succeed Avram Grant, who was sacked on Saturday night just eight months into a four-year contract.

The Dutch coach reportedly has strong links with Chelsea owner Roman Abramovich, who is believed to have played a key role in his appointment as Russia boss two years ago as well as helping fund his salary.

Meanwhile, Roberto Mancini's advisor has also denied his client is in talks with Chelsea and insists he is intent on leading Inter Milan to a fourth successive Serie A crown.

Mancini's name has been linked with the vacancy at Stamford Bridge, with the former Italy striker also said to be unsettled at Inter.

But while his representative Maurizio De Giorgis admitted Chelsea were one of the "top five clubs in the world with a phenomenal president", he was adamant Mancini would see out the remainder of his current contract.

"There is no truth whatsoever that there has been contact with Chelsea and there has been no contact with any team other than Inter," De Giorgis told Sky Sports News. "That is the real truth. If there are rumours they are unfounded. If there is anybody that went to make noises to Chelsea, it was not authorised by Roberto Mancini."