However, Arsene Wenger blocked the move as he has several players on international duty in Africa and a couple of injury worries.
"There was talk in the papers that he (Walcott) might be going out on loan but our understanding is that he won't be," Hughes told the Lancashire Telegraph.
"We are always looking to bring in good players, and if we are told that there are situations which might allow good players to become available, then we are always interested.
"That was the case with Walcott, but we were told that it was unlikely he'd be going out of the club."