Hiddink, while technical selection Russia, was contracted until the end of the season in February following the dismissal of Brazilian Luiz Felipe Scolari.
"There has been much speculation about whether there is, especially for his excellent work. That is not going to happen," said Bruce Buck.
Dutchman Hiddink has kept Chelsea in the race for the title on three fronts: the Premier League, Champions League and FA Cup.
According to Buck, the club has begun the process to hire a new coach. The only thing out is a return of the Portuguese José Mourinho, now coach of Inter Milan. Buck said that the cycle of Mourinho at Chelsea "has already gone."