The La Nati coach, who has previously enjoyed two spells in charge of Bayern Munich, announced last year that he will retire following the conclusion of the World Cup.
"I always prepare so that we can continue, and I am looking forward to this huge challenge," Hitzfeld is quoted as saying by Goal.com.
"With this Switzerland national team we have got together with the staff and thought about how we can go on. I don't think this is going to be my last match."
The last-16 meeting between Switzerland and Argentina kicks off at 5pm tomorrow evening.