"In general the rule does apply but if a club or player asks Fifa to look at any case it comes to the Fifa legal department," a FIFA spokesman said in the Daily Record.
"A typical example of this situation involved Carlos Tevez last season."
Rovers initially expressed an interest after Robbie Savage moved to Derby leaving them needing a replacement.
Faye has been on trial at Brockhall this week and it is believed that Hughes is very keen on the player.
Speculation has also been linking Blackburn with a move for Wigan midfielder Jason Koumas but this appears to be just a rumour.
Faye would be Hughes' second signing of the transfer window, following Johnny Flynn, an 18 year old defender, who signed from Ballymena United in a three and a half year deal.