Hiddink was last in charge of the Curacao national team but stepped away from the side earlier this year after contracting coronavirus, handing over to his assistant Patrick Kluivert.
Hiddink has however decided to step away from management for good following discussions with the Curacao hierarchy.
Unlike compatriot Dick Advocaat who announced his retirement from management last year but has since staged a comeback to take over the Iraq national team, Hiddink has completely ruled out making a return.
The Dutch great told SBS 6: "Lately, with COVID, I haven't worked much. Coincidentally I was talking with the president of the Curacao federation and we came to the conclusion it was better that I stop for a while, because they are going in a new direction.
"But I'm going to stop totally. Am I going to do a Advocaat. No, no."
Hiddink has coached several club sides in his storied career including PSV Eindhoven, with whom he won the European Cup in 1988, Real Madrid, Valencia, Fenerbahce and Anzhi Makhachkala. He also had two spells as interim Chelsea manager in 2009 and 2015, winning the FA Cup with the Stamford Bridge outfit in his first stint.
Hiddink famously led the South Korea national team to the semi-finals of the 2002 FIFA World Cup and also took charge of the Turkey, Australia, Russia and China U-21 national teams.
