The 21-year-old scored four goals in 30 La Liga appearances during his loan spell at Deportivo La Coruna last season.
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"Yes, there's an interest there," Hughes told The Sentinel.
"He's a player I've seen before and who I know. He's a little bit different to what we've got.
"I'm not sure how far down the line we are but, if we can get him, he'll be a good player for us.
"He's young, but he has played for his country, so he obviously has a good pedigree, and I'm sure we will try and get games out of him straight away."
Hughes also revealed that he has held talks with Wilson Palacios over the midfielder's future and says the 28-year-old still has a place at the club, despite being wanted by Hull City.
"I've had conversations with Wilson and I'm pleased with what I've seen so far," Hughes added.
"I've been pleased with his work on the training ground and I think he could be a good option for us this year."