Hiddink has been named China U21 coach with the express aim of qualifying for the 2020 Olympics.
"They really wanted me, so then I politely entered the conversation. There is a lot to be gained, that is exactly the challenge," said the Dutchman, who admits he grew tired waiting for a club offer.
"What else do I have to do? When people say: 'Guus, you are too old', nothing sensible comes out."
There's claims Hiddink's salary with the Chinese FA will be worth €4m.