
The Stamford Bridge club has approached the age of 62 years, the Dutch after the departure of Luiz Felipe Scolari.
Hiddink will combine both roles, something he has done in the past with Australia and PSV Eindhoven.
Chelsea is seven points behind Barclays Premier League leaders Manchester United, having played one more game.
It is unclear whether or not Hiddink stay at Chelsea can extend beyond the end of the campaign - but it is believed that remains committed to its role in Russia.
Chelsea confirmed that they were given permission yesterday to speak to Hiddink. But with its close links with Blues owner Roman Abramovich, who never can be a long dialogue.
Hiddink has never coached in England and has been out of management since leaving the club PSV Eindhoven to take over Australia in 2006.
The Chelsea statement, released through their official website www.chelseafc.com, said: "Chelsea FC is pleased to confirm Guus Hiddink will become temporary coach until the end of the season. "He will meet the players at the end of this week. The club would like to take this opportunity to thank the Football Union of Russia for their cooperation and understanding."
Hiddink is currently in Turkey with the Russian national side and is likely to fly to England tomorrow, before linking with his new charges for the first time on Friday.
That may come too soon for the experienced Dutch coach to take his place in the dugout for the Blues' FA Cup fifth round clash at Watford on Saturday, in which case, Ray Wilkins could take the match. Hiddink, however, is expected to take its place in the stands to match before beginning work with players before the February 21 meeting with Aston Villa.
Hiddink, who inherits a side, despite a disappointing run of support in the accumulation of Scolari, the dismissal of shock, are still a chance of success before the end of the campaign.
Victory over Watford would leave them well placed in the FA Cup, the Champions League is still in Abramovich's sights.
A last-16 meeting with Juventus - and former Chelsea boss Claudio Ranieri - Hiddink hopes, but realistically a challenge for the Premier League title will now have to wait for another day, and possibly another manager.
While the Chelsea tie can be strong, Hiddink is determined to lead Russia in the final of the 2010 World Cup in South Africa - a job he was charged with Abramovich himself.
The club, meanwhile, can use the time of the arrival of Hiddink has purchased through its interest in the AC Milan boss Carlo Ancelotti.
The Dutch care should not be too severely divided between now and May, compared with Russia just two qualifiers at the time.
None of these - against the lesser of two lights of international football, Azerbaijan and Liechtenstein was the April 1, Premier League clash with the program.
And the dual role is one that has already been backed to succeed in the pattern of Russia, Sergey Semak. Semak told Russian TV station today: "It's taking more responsibility for him, but I do not believe in any way affect the Russian team," Semak said.