Dutchman led Blues to the FA Cup two years ago
Reports regarding Carlo Ancelotti's future have been circulating in recent weeks, with the Blues sitting seven points behind league leaders Manchester United, having also played a game more.
And it was thought that Hiddink would be one of those most likely to take the reigns at the west London club.
However, Hiddink, who has also been linked with the permanent Liverpool job at the end of the season, has rubbished reports stating that he is preparing for a return to the Premier League.
He told Sky Sports News: "We can't compare this situation and the one from last time. When I was approached before and I did the two jobs - at Chelsea and the Russian national team - at the same time, Roman Abramovich was directly involved at top level in both organisations. This time he is not.
"That's why it is not an issue this time.
"I know my name has also been connected with a few other clubs [in England] but I will not move away from my present job.
"I have a contract with Turkey as national coach until the summer of 2012 and I intend to fulfil that contract."