The manager is out of work after failing to guide the national team to Euro 2012 via the play-offs and subsequently leaving his post, but will not rush to decide next move
The Dutchman left his post as Chelsea caretaker manager in 2009 and went on to take over the European national side a year later, but the Turkish FA announced on Wednesday that he had departed that position after failing to qualify for Euro 2012 via the play-offs.
The veteran manager has long been linked with a return to Chelsea, possibly in a directorial role, but says he is yet to decide what he will do.
Hiddink told reporters: "I've not made up my mind about the future yet.
"I'm going to take some time off and then we will see what happens, but I had a wonderful time in England.
"It was great at Chelsea, a terrific time, but that doesn't mean I am ready to start tomorrow. I need some time to reflect.
"I'm not ready to retire, I like to be involved with a team on a daily basis, but maybe I am ready to step out of the limelight a little bit, away from the cameras.
"Hopefully I will still be involved but perhaps it will be as an adviser or a consultant."