Reports have claimed that Hiddink's representatives were approached by the Foxes over the weekend, with Leicester officials keen to discover whether the 70-year-old could be tempted by another spell in the Premier League.
Former manager Nigel Pearson, Nantes boss Sergio Conceicao, ex-England coach Roy Hodgson and Huddersfield Town's David Wagner have also been linked with a move to the King Power Stadium as successor to Premier League title winner Ranieri, who was sacked last week.
Hiddink, whose last job was as interim boss of Chelsea last season, has denied any formal contact with the English champions but he has refused to rule out the prospect of taking the post.
"I have no had contact with Leicester," he told De Telegraaf.
“I think Leicester have done very well by going with the assistant manager after Ranieri's dismissal. They proved themselves against Liverpool.
"I have so much love for football that I do not exclude it. I never go to a club for several years, but I think it's great to be working with young people."
Leicester have placed Craig Shakespeare, who was assistant under Ranieri, in temporary charge of the first team while they pursue a long-term replacement.
Shakespeare's first match in charge saw Leicester defeat Liverpool 3-1 on Monday.