The highly-rated 20-year-old joined Stoke from Birmingham in January but was loaned straight back to the Championship club for the remainder of last season.
Potters number one Asmir Begovic had been linked with a move to one of the Premier League's big guns, but Liverpool opted for Sunderland's Simon Mignolet and interest in the Bosnian has subsided.
Butland will not want to spend the season warming the bench, but Hughes insists he will only go on loan if the right deal can be done.
The Welshman said: "Jack's an outstanding young keeper and it's about making sure he develops. If there's not the right opportunity, and we don't think it's advantageous to his development, then he won't go out, he'll stay with us."
Meanwhile, Hughes confirmed that Brek Shea could be back sooner than expected despite suffering a knee ligament damage during pre-season.
Hughes said: "He's got an injury that will keep him out for a number of weeks and he won't make the start of the season, but thankfully it's not as bad as we thought initially."