Louis van Gaal says Manchester United have offered David de Gea "a lot of money" in a bid to keep him at Old Trafford.
Assaidi spent all of last season on loan with the Potters, scoring five goals in 25 appearances, and Hughes was keen to bring the 25-year-old Moroccan back to the Britannia Stadium.
However, the Welshman now fears he may have to look elsewhere for the one player he claims he needs to complete his squad ahead of the new Premier League season.
"It's common knowledge Ozzie is somebody we would like to bring into the club, but at the moment that deal has gone cold," said Hughes.
"He is one we have chased for a while now, but there hasn't been any real movement on that front, so we will just have to wait and see what the situation is with regards to that deal."