The Croatia forward has eight Bundesliga goals for Wolfsburg this season and claims he is considering an approach from the Potters boss despite being offered a contract extension
The 34-year-old Croatia international has scored eight goals in 21 Bundesliga appearances this season, but claims to have already received an offer from Stoke.
Hughes confirmed on Friday that Olic was one of several players he was looking at bringing to the club.
"There are a number of players we're interested in," the former Wales boss said. "It's fair to say that [Olic] is an interesting player, who has played and impressed at the very highest level.
"He is somebody that we are interested in, but we will have to wait and see how it progresses."
While Olic looks as though he could be close to a Stoke switch, Hughes also moved to address the futures of veteran goalkeeper Thomas Sorensen and full-back Andy Wilkinson, whose contracts are set to expire at the end of the season.
"Thomas [Sorensen] is a very valuable member of the squad here and the situation with him will be revisited soon," the Welshman continued. "He's an exceptional goalkeeper and if we allow him to leave it would have to be for really valid reasons.
"We wouldn’t stand in [Sorensen's] way if an opportunity came up for him to play more regularly at a level that he feels is right for him," he added.
"We'd like Andy [Wilkinson] to stay here. He's been here for a long time and he is another very valued member of the squad.
"We are looking to keep him here for sure, and hopefully something can be done on that front that will satisfy all parties."
Stoke welcome Arsenal to the Britannia Stadium on Saturday, but Hughes could face something of a selection headache following a couple of setbacks during the week.
Oussama Assaidi is still unavailable, while Robert Huth is recovering from a knee injury, and the duo could be joined on the sidelines by two attacking players.
"Obviously, Assaidi is unavailable," added Hughes. "Huthy came through [training] well but he's not yet in contention.
"Peter Odemwingie has a slight problem with his calf whilst Jonny Walters hasn't trained for some of this week because he's been ill, but we think he's over that now."