David Ornstein
BBC Sport

It is understood that Hiddink is looking forward to the challenge at Chelsea, but is acutely aware of the size of the task he faces. He acknowledges the club are in a completely different position to that when he previously took interim charge in 2009, but is confident he can help turn it around and that the squad of players are more than capable of doing so.

Hiddink won six Dutch league titles and the European Cup in his time as PSV Eindhoven manager.

He has also coached South Korea, Australia and Russia before leading Chelsea to FA Cup success in 2009.

Since then, he has endured unsuccessful spells as manager of Turkey, Russian side Anzhi Makhachkala and the Netherlands.

Nabil Hawa: Shouldn't we be careful with rumours? He could just be getting in some last minute Christmas shopping.

Image source, Getty Images

Hiddink will hold fond memories for Chelsea fans after he led the Blues to the FA Cup, but his last role was nothing short of a disaster.

Only 10 matches in charge of the Netherlands, a tenure ended after 10 months in charge. Five defeats and four wins, the start of a Euro 2016 qualifying campaign that ultimately failed.

Are you sure that's Hiddink Peter? It could just be a clean-shaven Father Christmas jetting in before he gets to work.

Tony Brookes: Guardiola should be discounted as a future Chelsea manager. No way he will ever consider it. Concentrate on Hiddink.

Len Morrison: Surely Ancelotti is the best option? Abramovich has shown he's willing to take back managers, and he will be for the long-term.

After getting the flak and sack for the Netherlands' dismal Euro 2016 qualification campaign, he may decide that, at 69, he can do without the pressures of another high-profile full-time role.

But if offered another caretaker role, he would be a good candidate to keep the Stamford Bridge seat warm.

The abiding image of Hiddink's brief spell in charge of Chelsea is of the Dutchman with one hand on the shoulder of a beaming Abramovich, a cigar in the other, and the team's FA Cup celebrations as a backdrop. , external

It was the end of a short, but sweet, three-month stint as he rejuvenated a club that had looked lost under Luiz Felipe Scolari, securing a Champions League place and beating Everton 2-1 at Wembley in his final game in charge.

Image source, Getty Images

When that news broke, we were just in the process of going through the contenders to replace Mourinho. Therefore, it seems an excellent time to tell you a little more about Guus Hiddink...

Ikenna Onyia: Why can't they give Guus Hiddink they full job? Maybe maybe they have Pep lined up.

So, what to make of that? We always supected that Hiddink would be parachuted in on a short-term basis, but is it a little underwhelming?

Or, with Chelsea out of the title race this season, is it a good move to have someone steady the ship until the likes of Guardiola and Simeone are potentially available in the summer.

You know the deal, text and tweet.

David Ornstein
BBC Sport

Guus Hiddink has arrived in the UK and is currently at a London hotel holding discussions with the Chelsea hierarchy. He is yet to sign a contract, but is leaving that to his advisors while he talks about the technical aspects involved in helping Chelsea out of their perilous position. He will be the new manager on an interim basis.

Image source, Getty Images

Seatbelts. There's some breaking Chelsea news coming up...

You might have seen in some of the papers pictures of a hooded figure leaving Stamford Bridge, said to be Jose Mourinho. But is it him? 

Image source, The Guardian

As you can read here, there are quite a few differences between the character in the car and Mourinho. 

Image source, Getty Images

The good news for Chelsea fans is German newspaper Bild , externalreported on Thursday that Guardiola will leave the Bavarian club at the end of this season.

The bad news is he seems more likely to be heading to the north west than SW6, with Manchester United's long-standing interest and Manchester City's Catalan connection in the boardroom apparently more attractive than succeeding his great La Liga rival.

Image source, Rex Features

Sean O'Driscoll has been named as the new head coach of Walsall.

The 58-year-old replaces Dean Smith, who left the club on 30 November to become Brentford boss.

O'Driscoll has previously managed Bournemouth, Doncaster, Crawley, Nottingham Forest and Bristol City and was also Brendan Rodgers' number two at Liverpool.