Having already secured the Fifa Club World Cup and Carling Cup, Sir Alex Ferguson's side are red-hot favourites to retain their Premier League crown.
The Old Trafford outfit are also through to the semi-finals of the FA Cup where they will meet Everton and have the second leg of their last-16 UEFA Champions League tie against Inter Milan coming up in midweek.
Hiddink's Blues trail United by seven points in the league having played a game more, but remain in the FA Cup and Champions League.
Arsenal or Hull are the Stamford Bridge club's opponents in the last four of the FA Cup, with Juventus their opponents in Europe.
The Red Devils have looked in imposing form this season, but Hiddink insists his side are ready to take advantage of any slips from their rivals.
Obstructions"They'd like to have the quintuple," said Hiddink. "It is very rare but they are on all roads, and that has to be respected how well they're doing it.
"We'd like to give some obstructions to their aims. That's rather normal. If we threw the towel in, there'd be no competition.
"They're aiming at five, and that's a hell of a lot."
The Dutchman, in charge of Chelsea until the summer, believes there is enough talent within his squad to win the Champions League but he is experienced enough to know that quality sometimes is not enough.
"At this level, teams are dead tight," said Hiddink. "It can drop either way. But if you have big players, as those teams and we have, it would be fantastic to go all the way.
"We are good enough to compete but that's not a guarantee. If I could give a guarantee, that would be perfect. But it's a man's game. We need a little bit of fortune, also."