The Champions League and the FA Cup are now the Blues' realistic targets for silverware this term after the goalless league draw at home to Everton in midweek.
That left third-placed Chelsea six points adrift of leaders Manchester United with five games left, although United also have a game in hand.
But while coach Hiddink accepts the league title is probably now beyond them, he has urged his side to chase the best league finish possible.
"We have to take the league seriously," he said. "We have to be in the first few spots for qualification for the Champions League next year.
Serious"We have to go for second or third place at least, so we have to take this game very seriously.
"There's always a reaction. As we said before, the pressure was always on Liverpool and us not to drop points, which we did.
"So, normally, we cannot go for the title. We have a very important game coming up on Tuesday, but also tomorrow (against West Ham).
"Man Utd had a difficult time dropping points a few weeks ago, but their game in hand is a luxury.
"They'll use that. If you're in the driver's seat, and you are used to being there, then you are the favourite. They are favourites. When I'm favourite, normally I win."
High priceHiddink is also looking at the positives of no longer challenging for honours on three fronts, however.
"If your squad isn't fully equipped with quality players for all the 11 positions, sometimes you might pay a high price if you fight for three titles," he said.
"It's difficult, as it's shown for us. We have to be realistic.
"The big clubs don't waste too many points these days. They recover."