Drogba now plies his trade for Montreal Impact in MLS, but Hiddink - who replaced Jose Mourinho at Stamford Bridge until the end of the season earlier this month - is eager for the 37-year-old to return to west London.
Speaking at a media conference on Wednesday, Hiddink said: "A few days ago before the Sunderland game I said that those rare kind of former players with this status would be very good for any club to have.
"Especially him because he's a Chelsea legend, but for the moment we have to respect his contract with Montreal.
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"It depends on the player himself, you need to give them time and opportunities to find out what the best is for them.
"It may be on the coaching staff or maybe as an ambassador, but that is too official and functional for me. They need to go into the squad and help players with their experience.
"I am not in favour of a big ambassador role - travelling round the world with a tie on. They must give their huge experience to help especially the young kids and helping older ones with problems in their career."
Drogba's contact with Montreal runs until December 2017.