Swedish star Guidetti, 21, has played just once for City, in the Capital One Cup, though he has suffered with illness and injuries.
Hughes saw his team lose 5-3 at home to Liverpool on Sunday, the most goals they have scored in a Premier League game since 2004.
But Hughes - who remembers Guidetti from his time as City boss - wants more options up front for the remainder of the season.
"If we can get him in, he's a player that can add to what we have got and we are trying to add different options to our attack," he told the Sentinel.
"He's a natural goalscorer and if we can get him into the right areas, he will take chances.
"He was there (City) as a young player and worked with our under-21 coach Glynn Hodges when he was also there, so we know him."