The 23-year old, who played under Hughes at both Blackburn and QPR, has enjoyed an impressive start to the Championship season, finding the net in his side's 1-1 draw at Huddersfield.
Defensive duo Erik Pieters and Marc Muniesa are Hughes' only additions so far this summer, and the former Wales manager talked up Hoilett's ability having been linked with a move.
"Junior is a very good player and somebody I have worked with before," Hughes told The Sentinel.
"He's obviously started the season off well, but I'm not sure if he's available. If we are able to bring in players of that quality, we will try and do that. But we have got to be patient.
"Ideally, you want your targets in through the door a couple of weeks before the season starts, but that hasn't been possible for whatever reason and there is enough time to get players in."
QPR manager Harry Redknapp was also quizzed about a potential exit for Hoilett, but he says it will take a substantial offer to prise the Canadian away.
"If Mark wants him, he or someone else has to make a big offer," he explained to the Fulham Chronicle.