Hiddink has recently turned down two lucrative job offers in order to make a return to the Premier League.
Hiddink spent five months last season as Chelsea’s interim boss and impressed at Stamford Bridge.
Hiddink said: “My future remains unclear and from November 18 I could be a free man. It’s flattering that the Russians have give me the chance to sign a new contract and stay with them until 2012.
“It’s a clear signal that they want to carry on and organise everything in the future of the Russian game.
“I don’t want to go through with the Russian offer at this stage.”
Hiddink added: “I’ve also been approached to join the elite board at PSV Eindhoven, but I’ve turned that down.”
