The 63-year-old Dutchman enjoyed his first experience of English club management last season, when he led Chelsea to FA Cup glory.

And although a return to Stamford Bridge as manager seems unlikely, considering the success Carlo Ancelotti is enjoying, Hiddink would be near the top of the list for any other club seeking a new boss.

Hiddink was recently linked with Rafael Benitez's job at Liverpool, if the Spaniard moves on from his Anfield post at the end of the campaign. He was also suggested as a contender to take charge at Manchester City before the Eastlands club turned to Roberto Mancini.

If he decides to call a halt to his 28-year career in management, which began at Dutch team De Graafschap, then a role on the Chelsea staff could still beckon.

With Chelsea's season in danger of collapse last February, Hiddink's arrival sparked a surge which saw the team reach the semi-finals of the Champions League and push Manchester United all the way at the top of the Premier League.

Chelsea suffered just one defeat during his time at the helm, a 1-0 reverse to Tottenham at White Hart Lane, and players and fans were all keen for him to stay.

He was dividing his time between Russia and Chelsea, however, and was determined to lead his international team to the World Cup, having previously guided them to the Euro 2008 semi-finals. The World Cup qualification bid ended in failure, though, and today's announcement of his exit was by mutual consent.

Chelsea captain John Terry said at the time of Hiddink's Blues exit that he expected the former Holland boss to play a part in the club's long-term plans.

"He's going to have a big input into Chelsea over the next few years," said Terry last May. "He has promised that to us as a club and to Roman (Abramovich) as well.

"He has seen things that need to be changed for next year and he is going to point whoever comes in in the right direction to maybe change a few things around the training ground, around the youth and reserve systems and the way we do things as well.

"It is good to see him caring like that. He is not just thinking about now, he is worried about the future of Chelsea. That's how much it means to him as well."

It appears Hiddink will not be coaching at this summer's World Cup, with the Russian Football Union insisting he will work exclusively for them until his contract expires at the end of June.

Hiddink announced his exit from the Russia top job, which he has held since 2006, in his newspaper column this morning.

The former South Korea and Australia boss explained that, following a meeting with new Russian union president Sergei Fursenko, they had decided to part ways.

"After a very pleasant conversation with the new federal president it was decided that after my contract expires on June 30, we will part ways," Hiddink wrote in his column in Dutch newspaper De Telegraaf.

"We decided this now in order to give the federation sufficient time to find a successor."

Juventus have also been linked with Hiddink, whose availability is sure to spark interest across Europe and perhaps beyond.

The Russian federation announced in a statement: "The RFU expresses sincere gratitude for the great and good work he has done as the head coach of Russia.

"It is also necessary to note the significant contribution of his highly respected professional coach in the progressive development of Russia's football in general.

"Guus Hiddink made this difficult decision himself and we respect his choice. Hiddink is a true professional and will work until the end of his current contract and devote the remaining time for the benefit of Russian football.

"The sporting achievements of Guus Hiddink as head coach of the national team have been significant. We can say with confidence that he has laid a solid foundation to build a decent future for Russia's national team."