The 67-year-old is finalising an agreement with the KNVB and is set to assemble an all-star staff to lead the Dutch into Euro 2016
The 67-year-old former Chelsea, Real Madrid and Russia coach spent four years in charge of the Dutch national team between 1994-1998.
He has not been in active coaching since leaving Anzhi Makhachkala last year - though he has been acting as an advisor at PSV - but is ready to return and says he has already agreed a deal to succeed Louis van Gaal following the tournament in Brazil.
"I am working with the KNVB [Dutch football association] to create a coaching team around me. We will need a few days or maybe a couple of weeks," he told NOS.
"It will be a great team. I will not be a free-wheeling coach. When I do something, I want to do it as well as I can. Otherwise I would not do it."
Jaap Stam, Ruud van Nistelrooy and Giovanni van Bronckhorst are in line to work alongside Hiddink. Van Gaal’s assistant Danny Blind is set to stay on as Hiddink’s deputy before potentially taking over as coach following Euro 2016.