The German ace only arrived at White Hart Lane 12 months ago, but already looks to be surplus to requirements following the arrivals of a number of players over the summer.
Holtby has managed just 12 Premier League outings this term – many of which have been as a substitute – leading to speculation of a move away from North London.
Schalke have been linked with a swoop to take him back to Gelsenkirchen, but now Stoke are ready to make a serious move for the 23-year-old.
Hughes is unable to pursue a loan deal due to the number of temporary signings from fellow top-tier sides already in his squad, but could be tempted by a cut-price raid.
Tottenham are rumoured to be prepared to take a low fee for the versatile midfielder, after paying only £1.5m for his services last January.
It remains unclear as to whether or not Holtby himself will be keen on the switch, with a Bundesliga return likely to be more appealing
Spurs chief Tim Sherwood could use the space freed up in his squad to chase his own signings, with a new striker thought to be a priority.