Ravel Morrison has returned to parent club West Ham from Cardiff City on compassionate leave.
The 17-year-old's impressive displays in the npower Championship have seen him called up to the England Under-21s squad and linked to a move away from Pride Park.
Arsenal, Liverpool and even Barcelona have been mentioned as potential suitors and Jol has now confirmed Hughes is being monitored by Fulham.
"Believe me, there is probably 10 clubs in the Barclays Premier League having a look at him," the Dutchman said.
"He is one of these wonderful talents so he is always on lists. If you have a good scouting system, he will always be on the list but we will see."
Fulham have been left short in central midfield following the summer departures of Mousa Dembele, Danny Murphy and Dickson Etuhu.
With Mahamadou Diarra soon to head off to the African Nations Cup with Mali, there have also been suggestions Fulham could move for Inter Milan's McDonald Mariga.
"I could easily say I don't know him but he is the brother of the Celtic boy [Victor Wanyama]" Jol said.
"He is an interesting player but I have to be honest and say we're not looking at him. We did a couple of years ago."
Meanwhile, Press Association Sport understands Fulham are closing in on Standard Liege goalkeeper Sinan Bolat.
The Turkey international has been training with the Cottagers for the past month as he completes his recovery from long-term injury.
Bolat's potential arrival raises questions over the future of 40-year-old Mark Schwarzer and deputy David Stockdale.
Schwarzer's current deal runs out at the end of the season, while the latter recently spent a spell on loan at Championship high-fliers Hull.