Dutchman not interested in club management anymore
The former Russia boss previously had a short stint in the Premier League as an interim manager at Chelsea, where he steadied the ship following Luiz Felipe Scolari's exit and eventually won the FA Cup before resuming his international commitments.
During the summer, however, the Merseyside club were searching for a new boss following Rafael Benitez's exit, prior to the appointment of Roy Hodgson.
City, meanwhile, continued their mammoth spending under Roberto Mancini.
"In the summer City and Liverpool both came to me with an enquiry," Hiddink said, according to The Mirror.
"But at my age I don’t want to manage a club again for seven days a week over three years."
The futures of Hodgson and Mancini at their respective clubs have been the subject of speculation in recent times.