Villa is top of his wanted list, although any new signings would have to be funded by selling some of the current squad.
Related ArticlesHiddink: Roman wasted at SpursPapers: 'Roman's £40m Villa''Chelsea are team to beat'Ivanovic emerges from shadowsTerry: 'It wasn't a yellow card'Gerrard injury blow for LiverpoolThe Spanish international striker has long been coveted by Manchester City, but Abramovich is determined not to let another key target slip through the club's fingers after Brazilian striker Robinho spurned a move to Stamford Bridge and instead went to Eastlands for £32.5m last September.
Valencia are likely to demand £45m for their prized asset, who has scored 80 goals in four seasons for his club.
Though City could easily match Chelsea in any auction, Chelsea would be confident that they would offer the player a more realistic prospect of silverware.
Whether Hiddink remains at Stamford Bridge to oversee the team rebuilding is still open to question.
His tactical masterstroke at Anfield on Wednesday has earned rave reviews, but the Dutchman has been adamant that he will leave Stamford Bridge at the end of the season.
AC Milan coach Carlo Ancelotti is favourite to take over from Hiddink, although this might depend on whether Milan clinch qualification for next season's Champions League.
Chelsea are also planning a £10m swoop for PSG midfielder Stephane Sessegnon, according to reports.
The 24-year-old is being tracked by Newcastle and Arsenal, but Chelsea lead the chase after a recommendation from Claude Makelele.
Agent Rudy Raba said: "Stephane is not actively looking to leave PSG. But in the next few weeks they will get a very attractive offer."