Club officials insist it is 'business as usual' and Ancelotti followed Tuesday night's crushing Champions League defeat at Old Trafford by taking training at Cobham. But Sportsmail understands Hiddink can have the job if he wants it.
Abramovich has serious reservations about Ancelotti's ability to take his team forward and he sees Hiddink as the best option to replace him.
Fond memories: Hiddink (right) is held in high regard by several members of the Chelsea side including Lampard (left)
The Dutchman impressed the club's Russian owner enormously in the three months he spent at Stamford Bridge as temporary manager in 2009, guidingthe team to FA Cup success and very nearly beating Barcelona in their Champions League semi-final.
John Terry led a number of players in asking Hiddink to stay, presenting him with an engraved watch and a signed shirt before he returned to the task of managing Russia. Now Hiddink is the manager of Turkey and he has insisted that he is not someone who breaks a contract.
He has also said that, at 64, the pace of international management suits him. But Abramovich wants him back at Stamford Bridge, and has considered offering him the chance to succeed Frank Arnesen as sporting director as well as the opportunity to become Ancelotti's successor.
Reports in Holland earlier this week said Hiddink had turned down an offer from Ajax to join their board but Abramovich is believed to be confident of luring him away from Turkey and back to west London.
Enlarge The Russian is bitterly disappointed with Chelsea's performance in Europe under Ancelotti. While he recognises the need to spend yet more money on players and Brazilian sensation Neymar is high among his transfer targets he is not sure he sees the Italian as the man to take them forward, even if there is a clearout, with the sale of Didier Drogba seen as a move that would ease the pressure on Fernando Torres.
It is understood Hiddink has been strongly considered as an alternative to Ancelotti for two months and defeat in their Champions League quarter-final to Manchester United has increased the likelihood of that happening.
One Chelsea source said there was an '80 per cent chance' that Hiddink will be the new manager by the start of next season.
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