The former Netherlands coach was out of work when the Foxes came calling last summer following the departure of Nigel Pearson. But he explained that his desire to take time away from the game led to him rejecting the move, and led to Leicester turning to Ranieri.
"It is true Leicester asked me [to be their coach] for this season," he told Telesport.
"But I had decided it was time for a rest, and I wanted to just do nothing."
Hiddink would end up returning to the Premier League as he took over from Jose Mourinho at Stamford Bridge - after the Portuguese was sacked in the wake of the Blues' defeat to Leicester, coincidentally - and would ultimately play a key role in the side he turned down winning the league title.
It was his Chelsea side that denied Tottenham the win they needed on Monday night to keep the title race alive, and ensured that Ranieri would be winning the first top flight league crown of his managerial career.
And while Hiddink would be forgiven for turning down the Leicester job - as, like many, he may have thought that the Foxes were in for a long, arduous season - he may look at their achievement this season and wonder if it could have been him leading them to the trophy.