Reports on Monday suggested the Turkish Football Federation (TFF) were resigned to losing Hiddink, who is thought to be top of Chelsea's list of candidates to replace Carlo Ancelotti.
Hiddink's agent, Cees van Nieuwenhuizen insists, however, the former Real Madrid manager is happy at Turkey and said: "Nothing has changed. I have said it before, Guus is under contract with Turkey. He has an obligation there until his contract is up in June next year. We have been saying that for weeks."
He added: "Everyone is making their own stories about his future, but this is the reality."
The TFF will be hoping the rumours linking Hiddink with a return to Chelsea, where he had a caretaker spell in 2009, will fade over the next couple of weeks if they want to keep their man.
Any chance of contract negotiations opening between the two clubs this week were played down by the federation on Monday.
"There is nothing official happening because both parties are away," TFF spokesman Turker Tozar said.
"Mr Hiddink is on holiday now and the president is on holiday for a week as well. Nothing can happen at the moment."
Reports that the TFF and Chelsea have already agreed a compensation deal for Hiddink are also wide of the mark, Tozar insisted.
"Mr Hiddink is still our manager and he has a contract until 2012," he added.
Source: PA
Source: PA