Tugay is out of contract this summer and has been targetted by a club in Qatar.
"He has been offered a deal here and we are very hopeful he will accept it," said Hughes.
"I know he is very happy here. Certainly he has played some of his best stuff since he has been at Blackburn.
"He certainly has one more season in him, if not more because of the way he plays the game.
"There are different types of midfield players, and anybody who has seen Tugay play and the way he affects games from his position will know he is a master.