Bellamy, 33, has already been the subject of interest from former club Cardiff this summer and has played under Hughes three times before in the past at Blackburn, Manchester City and Wales, but the 48 year-old boss was keen to distance himself with an imminent move for the forward.
"There has been a lot of speculation over Craig. Yes I know him very well. But at the moment it is all speculation," Hughes told reporters.
|5/1||QPR are 5/1 to be relegated next season with Bet365|
"I can say that QPR has a great future and obviously we will do better than last season. We are confident that we won't be struggling."
The Welsh attacker is part of Team GB's squad for this summer's Olympic Games and was a key member of Kenny Dalglish's squad at Anfield last season, but his future remains somewhat up in the air after the arrival of new boss Brendan Rodgers.