Currently on a sabbatical after splitting with Russian club Anzhi Makhachkala in July, the 66-year-old Dutchman - who led Australia to the knock-out stages of the 2006 FIFA World Cup - has been sounded out by Football Federation Australia on his willingness to consider a second coming for Brazil 2014.
Contact was made through FFA's technical director and long-time Hiddink associate, Han Berger, according to Hiddink's agent Cees van Nieuwenhuizen, who described Australia's national team as in a 'terrible situation'.
"Guus is taking a break right now but we will sit down in a few weeks and look at what options there are and I am not surprised that Australia are interested considering their last few matches," Van Nieuwenhuizen said.
"Losing 6-0 to both France and Brazil is pretty dreadful and it looks like something had to change for Australia.
"But, as things stand today, there are no official negotiations between Guus and the FFA. But of course Guus is close with Han Berger and they will have spoken.
"He is enjoying his time away from football - but his intention is to definitely return to coach a team at the World Cup. He has a number of offers to consider in relation to the World Cup has not made his mind up yet about anything."
FFA chief executive David Gallop confirmed on Saturday that Hiddink had been approached as FFA seeks to stop the rot which festered for all to see during Australia's six-goal pounding by France at the Parc de Princes.
While Hiddink and Argentine Marcelo Bielsa - the former Chile coach - remain high on the list as FFA leans towards a fourth successive foreign appointee, a raft of other credible candidates has emerged.
Foremost among them is former West Bromwich Albion and Chelsea coach Roberto Di Matteo, who was last month heavily linked with both Sunderland and Galatasaray.
The Italian won the FA Cup and UEFA Champions League in his short time in charge of the Blues and, according to sources close to him, would be willing to take charge immediately.
Jamaica's extrovert German coach Winfried Schafer, who coached against Australia while in charge of Thailand and led Cameroon to Africa Cup of Nations triumph in 2002, is also interested along with two-time former Roma coach, Czech-Italian Zdenek Zeman.
Alain Perrin, who coached Lyon to the French league and cup double in 2007-2008 has also thrown his hat in the ring. He is currently in charge at Qatari club Um Salal, home of Socceroos centre-back Sasa Ognenovski.
It has also been speculated that Brazil great Zico, who led Japan at the 2006 FIFA World Cup against Australia, would be keen while former Italy international Walter Zenga, the ex-Palermo coach currently in charge of Dubai-based Al Nasr, wants the gig.
One-time France and Liverpool boss Gerard Houllier, who was there in person to witness Osieck's last tango in Paris, is believed to be out of the running with his preference to remain as head of Global Soccer for Red Bull.
Marcelo Lippi, primed to take charge of China for $10 million a year and Jupp Heynckes, who led Bayern Munich to a domestic and European treble last season, are also well beyond Australia's reach.
The long-term preference of FFA is to eventually appoint a local coach - the likes of Graham Arnold, Ange Postecoglou or Tony Popovic are in the running.
But with the 2014 FIFA World Cup eight months away, a fourth successive foreign appointment should be ratified in the coming weeks.
"We would like to have a new coach in place for the two games in Australia next month (against opposition yet to be named) and while the goal is to have a home grown coach at some stage, I am not sure whether the timing is right for that now," Gallop said.
He insisted that the decision to dump Osieck was not pre-determined and had only been made after the shattering loss to France - its second six goal defeat inside a month.
"The result was unacceptable and it's all about rejuvenating and reinvigorating the national team now," he said. "We are at the early stages of assessing who to appoint but we would like someone in place by next month.
"Ideally, it would be a long-term appointment looking ahead not just to the World Cup but also the 2015 Asian Cup in Australia.
"Lots of names have already been thrown up and he will be exhaustive in making we sure we make the right choice."
Gallop admitted the players are feeling 'a bit raw' going into Tuesday evening's (Wednesday morning AEDT) clash against Canada in London with caretaker Auerlio Vidmar at the helm.
But he insisted: "I am sure they will get over that and the tradition of Australians showing spirit and dealing with difficult and demanding situations will shine through.
"I have spoken to the players collectively and I know they will just get on with things and look to produce a good performance."
