Hiddink quit his post as manager of the Turkish national side last week, and following a successful six-month spell with the Blues in the 2008-2009 campaign, speculation has been rife over whether the Dutchman could return to the club.
However, Villas-Boas has made it clear that while the former Russia boss made an impact during his time at the club, the position of manager is filled.
“Guus had a very important period at the club and made the necessary changes first to take this club to another semi-final, plus an FA Cup and a good period of only one defeat in 15 games,” he told reporters.
“But it was six months at the club. It does not mean that he can always be as successful as that in a club of this dimension of tremendous expectations.
“Guus is one of the top managers in the world, a manager that is always available when a top team arises but at the moment this is not a vacancy, so it is not a vacancy to be taken, but when it is a vacancy I am sure he will be one of the top candidates.”
There have been reports that Hiddink could be handed a director of football role by club owner Roman Abramovich, but the former Porto manager claimed that this is not something that he is aware of.
“It is not the instructions that I have from the club. It is not structurally even thought about within the club,” he added.
How do you stay up to date with football when on the move? With http://m.goal.com – your best source for mobile coverage of the beautiful game.