Bellamy, 31, looks certain to leave City before the close of the transfer window and Celtic, Sunderland and Tottenham have all confirmed their interest in the player.
However, Hughes has a strong relationship with Bellamy after managing him during his time in charge of Wales, Blackburn and City, and he has now said he would like to take the player to Craven Cottage.
Asked if he would be interested in Bellamy, Hughes said: "Yes. He was one of the top players in the Premier League and if he comes on the market, and if we're in the position where we can conclude a deal for Craig Bellamy then, yes, we would be very interested.
"At the end of the day the way the situation seems to be forming for Craig that Manchester City won't use him at Premier League level, so from Craig's point of view it is very important that he makes the right decision for his career because a wrong decision at this point in time could hurt him, so I wish him well in what decision he takes."
City boss Roberto Mancini confirmed on Friday that Bellamy would be moving on. "I have to choose 25," he said. "The rest must find another team. Craig is out of the list."
Meanwhile, AZ Alkmaar striker Moussa Dembele has suggested he would be interested in a move to Fulham.
"I want to go to a top league and a stable club where I get a good feeling. Also a club where I will play," he told the Noord-Hollands Dagblad.
When asked about Fulham, he added: "A really nice club and, as I am just 23, I still have a number of years to make a move to a bigger club."
Hughes confirmed he hoped to sign Dembele during his press conference. "We have made some progress with Moussa," he said. "We hope that he will be in London by the close of play to do a medical, although it hasn't been fully signed off by his club yet."