The Blues are looking for a successor to Carlo Ancelotti and Hughes, who resigned as Fulham boss on Thursday, and Turkey coach Hiddink have been linked with the role.
Hiddink enjoyed a successful spell in caretaker charge of Chelsea two years ago, winning the FA Cup, while Hughes played at Stamford Bridge for three years.
All smiles: John Terry was in a positive mood as he spoke to reporters ahead of the England game
'There's a lot of speculation out there at the moment,' Terry told a press conference ahead of England's Euro 2012 qualifier against Switzerland.
'I was very sad to see Carlo go, and as a group of players we will wait for the club to make a decision. There's a lot of managers been linked at the moment.'
Second best: John Terry and Chelsea could not match Manchester United over the season
On Hughes, Terry added: 'He's someone that hopefully the club will be talking to. If it's him he will be welcomed by the players.'
He added: 'We had a great time under Guus, he would be welcomed back.
'Whether we are going to get someone who knows the club or someone different, that's out of the players hands.'
Speculation: Guus Hiddink (left) and Mark Hughes have been linked with a return to Chelsea
Ancelotti was sacked barely an hour after Chelsea's final game of the season, a 1-0 defeat to Everton on May 22.
The Italian paid the price for failing to retain the Barclays Premier League title and, perhaps more significantly, going out of the Champions League at the quarter-final stage to Manchester United.
Despite winning the club's first-ever double in his maiden season last year, Ancelotti followed it up with their worst campaign since Roman Abramovich become owner.
His successor will become Chelsea's seventh manager in the eight years since Abramovich's takeover.
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Explore more:People: John Terry, Roman Abramovich, Mark Hughes, Carlo Ancelotti Places: United Kingdom, Switzerland, Turkey