Australia are 119 for one in their second innings, 148 runs ahead of England on day two.
Monty Panesar captured five wickets on his Ashes debut to help England bowl out Australia for 244 on the opening day of the third Test.
Australia beat England by six wickets with 19 balls to spare on an extraordinary final day to win the second Test and take a 2-0 lead in the Ashes series.
Hoggard captured seven wickets as England took a 97-run lead over Australia with nine second-innings wickets in hand.
"Make 700 and bowl them out for under 150 on the last day," Buchanan told a news conference when asked about his team's strategy.
England picked up the crucial wicket of Langer to reduce Australia to 28 for one after posting a daunting total of 551-6.
Collingwood scored an unbeaten 98 over four and a half hours and Pietersen finished the day on 60.
Doubts about the fitness of Australia's Glenn McGrath have left England wondering whether history is about to repeat itself in the second Ashes Test.
Hoggard said he was certain England would play better than in Brisbane last week.
Andrew Flintoff said England were still confident of retaining the Ashes despite losing the first Test of the five-match series by 277 runs on Monday.
Australia were 181 for 1 in their second innings, a lead of 626 runs, at close of play on the third day of the first Ashes Test.
England lost three quick wickets in the last hour to slump to 53 for three in reply to Australia's 602-9 declared on the second day of the first Ashes Test on Friday.
The Australian skipper remained unbeaten on 137 with Hussey as Australia cruised to 346 for three on day one of the first Test.
The opening Test of the most eagerly-anticipated Ashes series in generations gets underway on Thursday.
Australia named five fast bowlers in a 13-man squad for next week's first Ashes Test against England.
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