But he has been earmarked as the successor to Hodgson at Fulham. The former Wales chief is ready to return to work and knows that a really high-profile job is unlikely to be available once Hodgson takes up the vacancy on Merseyside.
Following their run to the Europa League final last season, Fulham want to build on the progress made under Hodgson.
And owner Mohamed Al-Fayed, who sold Harrods for £1.5billion to Qatar Holdings last month, is willing to provide a new boss with transfer cash.
Fulham have already signed Switzerland defender Philippe Senderos from Arsenal and are close to securing Aston Villa midfielder Steve Sidwell in a £3million deal.
They will resist bids for striker Bobby Zamora and believe they are close to tying him down to a new four-year contract.
That will encourage Hughes, who knows the Fulham chief executive Alistair Mackintosh.
The pair were together at Eastlands only for a matter of days, but Mackintosh is known to be a big admirer of Hughes.
Hodgson's switch to Liverpool is now little more than a formality. The 62-year-old could be in the post by next weekend.
Hodgson is in South Africa commentating for the BBC, which is why an announcement of his appointment at Anfield is unlikely until towards the end of the week.
Fulham chief executive Mackintosh will then contact 46-year- old Hughes and hope to secure quick agreement on his return to the Premier League.