The vastly-experienced 67-year-old - most recently in charge at Anzhi in Russia - previously guided the Netherlands between 1994 and 1998.
And, with current coach Louis van Gaal set to step aside at the end of the World Cup in Brazil later this year, Hiddink revealed he is in negotiations to make a return to the national set-up.
"I am working with the KNVB (Dutch FA) to create a coaching team around me. We will need a few days or maybe a couple of weeks," he said.
"It will be a great team. I will not be a free-wheeling coach. When I do something I want to do it as well as I can - otherwise I would not do it."
Hiddink's management career has seen him gain a wealth of experience at both club and international level, with stints at Real Madrid, Chelsea, South Korea and Russia on his CV.
The Netherlands have been drawn in Group B alongside Spain, Chile and Hiddink's former side Australia for the World Cup.
