A number of candidates have been touted for the post including Arsene Wenger, Alan Pardew and Sam Allardyce.
But according to the Times, Hiddink has emerged as a candidate.
The report suggests the Dutchman ticks most of the boxes for FA chief executive Martin Glenn.
It is thought Hiddink would only return to work should the right challenge pop up.
Added to that, the report suggests Hiddink would see himself as more than a stop-gap and would offer to lead the national team for two years which would build up towards the World Cup in Russia in 2018.
The 69-year-old recently turned down the chance to return to manage Russia, while China and Saudi Arabia tabled offers last month.
Hiddink succeeded Jose Mourinho on an interim basis in December after the Portuguese was sacked following the club’s disastrous start to the campaign.
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