The Highlanders booked their first major final when a penalty shoot-out win over Hearts on Sunday sent them on their way to a League Cup final date with Aberdeen on March 16.
They now take on Stranraer at Stair Park in the fifth round of Scotland's other major cup competition and Hughes has told his players to set their sights high.
Hughes, who stated captain Richie Foran would be on the bench following a shoulder injury, told the club's YouTube channel: "I'm in the Scottish Cup to win it, I really am.
"If we can get through this after the efforts and commitment of the players last Sunday, and get a little bit of luck in the draw, then we fear no-one, and we can go to the Scottish Cup final
"Why not? That has to be your mind set. If you can do it in one cup, that has to give you the confidence and belief that you can go and do it in another
"Obviously you need a bit of luck in terms of draws, but if that's the case then we can go all the way. But we have to take care of Stranraer first."
Hughes cautioned that beating Stranraer, who disposed of Ross County in the League Cup and drew with League One rivals Rangers at Ibrox, would be no formality.
The former Hibernian boss said: "I've been in football long enough that when you're on such a high as we were on Sunday, football's got an awful habit of giving you a low so we've got to be very guarded with our approach to the match but hopefully we'll be in the hat for the next round.
"I'll tell you right now, there's a game on, no matter of the difference of the teams, and what divisions we're in, there's a game on.
"They're at home and if we're not 100 per cent focused with a real professional attitude and a real desire to win the football match then we'll come unstuck. I'm confident of the character of the people in that dressing room that that won't be the case."