The players ate together on Friday night, the eve of the FA Cup final in which Chelsea beat Everton 2-1. And captain John Terry presented Hiddink with a Rolex Daytona, complete with a personal message inscribed on the back. The watches retail for between £6,000 and £20,000.
It was Hiddink's last match as interim coach before returning to his full-time role as coach of Russia.
Terry said: "Frank (Lampard) and I presented him with the watch and thanked him for all his hard work on behalf of all the lads. It's been a pleasure to work with him.
"He was overwhelmed by it, actually, and took his gift really well. He said he would speak after the (FA Cup final), and, thankfully, we got the right result. He said his farewells."
Terry also suggested that Hiddink's association with Chelsea may not be over.
"I think he'll have a big input and a sit down with (owner) Roman Abramovich," he said.
"They're very close anyway and he's obviously seen things that need to be changed at this football club."
Carlo Ancelotti is expected to be confirmed as Hiddink's replacement today after resigning from his position at AC Milan.