The Russian oligarch believes he can persuade the current Turkey coach toreturn to Stamford Bridge following his successful stint in 2009, when he replacedthe outgoing Luiz Felipe Scolari before leading the side to FA Cup glory.
Blues brothers: Hiddink (centre) toasts his FA Cup success with the Chelsea squad during his brief stint at the helm
Hiddink remains a favourite with several Chelsea players including Englandduo John Terry and Frank Lampard who are believed to approve the Dutchman'sreturn to Stamford Bridge.
Ancelotti has endured a turbulent third season at Stamford Bridge that sees him unlikely to defend his Premier League crown.
The Blues are currently in second place, six points adrift of leaders United who dealt Ancelotti's men another blow when they eliminated them from the Champions League, leaving Ancelotti on the brink of ending the year without a winners medal.
Under pressure? Ancelotti (left) is feeling the heat from Blues owner Abramovich
If Abramovich fails in his quest to resign Hiddink, he could go move for Marco van Basten or former Chelsea legend Gianfranco Zola, who is believed to be keen on a return to the Premier League following his spell in charge at West Ham.
Porto coach Andre Villas-Boas is also beeing mooted as a potential replacement for Ancelotti, who seems increasingly unlikely to remain at Chelsea beyond the end of the season.
Candidates? Gianfranco Zola (left) and Marco Van Basten are rumoured targets
Guus raid is no Turkey shoot for Chelsea as they face battle for HiddinkAncelotti unfazed over Chelsea future as Abramovich prepares to swing axeAll the latest Chelsea news, features and opinion Explore more:People: Gianfranco Zola, Roman Abramovich, Frank Lampard, Luiz Felipe Scolari, Carlo Ancelotti Places: Turkey