The Blues are currently fourth in the table and could be 10 points behind leaders Manchester United if the Red Devils beat Fulham next week.

Chelsea face Aston Villa next weekend in what will be Hiddink's first game in charge of the side.

Hiddink met the players for the first time at the club's Cobham training ground yesterday and moved quickly to allay the fears of the England duo.

Lampard was anxious that Chelsea's top-four place in the Premier League is under threat while Terry admits that time may be running out for them to remain in the hunt for the title.

But Hiddink told Chelsea TV: "The team is in several races - the FA Cup is there, the Champions League and also the league.

"There is a 10-point difference but if you look in the past of this league and other leagues as well, some things can happen during the final stages of the championship.

"All the three roads are very important. The next game against Watford, and then Aston Villa and Juventus, and then you go on the path of the Champions League, and that is so attractive. The club has the experience to go to the final."

Chelsea have dropped 16 points at home this season and that record was a major factor in Luiz Felipe Scolari's dismissal.

Hiddink, a close personal friend of Chelsea owner Roman Abramovich, will combine his role as Russia coach with day-to-day duties at Stamford Bridge until the end of the season. However, assistant Ray Wilkins will be in charge for the FA Cup fifth-round tie at Watford.

His comments will go some way to soothing the worries of Lampard who said: "If we drop enough points our Champions League place will be under threat because there are teams behind us trying to push into our position, so you should never be over-confident to say that position is not under threat."

Captain Terry believes time could be running out for Chelsea to stay in the title race.

"He (Hiddink) realises the situation we're in. Both him and the players have a very big job to do," said Terry.

"But if we don't do it now we're going to rule ourselves out of the title race.

"We are behind Manchester United and they have a game in hand. In the Champions League we have Juventus and they are going very well in the Italian League.

"We have Watford away in the FA Cup which is a difficult game and they will be pleased with what's been going on at our place for sure.

"I like the fact that Guus Hiddink has stayed loyal to the Russia team. We have six months to turn things around and if we do he will probably get offered the full-time job.

"It is down to us to put in the performances and get results for him and then hopefully something can be done in the summer."

Hiddink might be offered the job on a permanent basis but the Dutchman has every intention of returning to his Russia job come the summer.

"I have seen it here now and I felt the atmosphere already in a few hours, but what happens after May is clear because it is rather difficult to do the two jobs, and I have my obligations in Russia," said Hiddink.

"It is rather difficult because the Premier League is very challenging. We can do it now because there are one or two games until June with the national team of Russia. That is why we said we can do it now, and we can do it full-hearted and committed.

"I was asked to come because of the relation with Roman Abramovich as well. Of course it is a big club as well, and let me be honest, I came because they asked me to join the club for the upcoming time."