The Canaries have yet to add to their roster this month, but are thought to be interested in Swansea City striker Danny Graham.
Jonny Howson and Ryan Bennett arrived at Carrow Road in the latter stages of January 2012, and the Norwich boss feels that the market will dictate that most clubs will do any business as the window begins to close.
"What we have seen, certainly in the last few windows, is a tremendous amount of transfers being done in the last few days," said Hughton.
"That allows teams to lift the prices and perhaps a little bit of desperation comes into play as well. Invariably what happens is a late rush so for as much as everybody says it might not happen, the last few days are always busy for most clubs.
"We are doing as much work as we can, not just these weeks during January, but the months leading into this period. If it is right and appropriate to do some business then we will do."
While not expecting to be too active this month, Hughton does admit that would like to add to his options in the right circumstances.
"I don't expect to be busy. We are, as most clubs will try to do, looking to strengthen the squad. If there are players there we will endeavour to do that but I don't envisage massive changes," he added.
"It is difficult because it is not a good time to bring in players. Last January we brought in a couple, but we will continue to try working. January is notoriously not a great time to bring in players.
"You have to make sure they are the right players at the right price and value which is why at this moment not a lot of business has been done."