The Loftus Road club parted company with Neil Warnock at the weekend, and the former Fulham boss has become the favourite to take over at the London club.
Hughes has confirmed that talks are ongoing, and will continue on Tuesday.
“Talks are still progressing. I’m obviously interested in what everyone here has had to say,” he told Sky Sports.
“It is an interesting project they are talking about, but there is a lot more to discuss yet and we will wait until the morning and have further discussions.
“It went really well today (Monday). We still have to discuss a number of things.
“There are a number of factors. I’ve got to be clear in my mind that this is the right decision for me and QPR have to be comfortable in their own mind as well.
“I’m an ambitious manager and I hope that the next job I have the club can match those ambitions,” he continued.
Hughes also stated that it was not important whether a decision was made before this weekend’s fixture against Newcastle, and that it was an important time in his career.
“We are not at that point at this moment.
“We are still discussing the ideas the club have and I have obviously got to think very carefully about what has been said overnight,” he finalised.
By Gareth McKnight