Chelsea have sacked manager Carlo Ancelotti after he ended his second season at Stamford Bridge without a trophy.
He was fired after the 1-0 loss to Everton, as the blues finished second in the Premier League.
The Italian had one more year left on his contract at Stamford Bridge.
The Blues manager has been under pressure after seeing his side fail to defend the Premier League and FA Cup Double achieved in Ancelotti's first season despite several big money signings.
The Stamford Bridge outift were also knocked out of the Champions League by Manchester United, with that trophy in particular the prime target of club owner Roman Abramovich and the Italian has paid for that failure with his job.
Ancelotti's case was not helped after the signing of Fernando Torres in January for £50 millon failed to spark a mid-season revival.
Torres has scored just one goal since his move from Liverpool and although the signing of David Luiz has proved more successful, it was not enough to turn Chelsea's season around.
Chelsea's attentions will now turn to finding Ancelotti's successor, their seventh manager in the eight years since Abramovich took control of the club in 2003.
Porto's highly rated Andre Villas-Boas, Hiddink and former Barcelona manager Frank Rijkaard are all in the frame.
Dutchman Hiddink, who has a close relationship with Abramovich, revealed he still has an advisory role at Stamford Bridge.
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