The Welshman is keen to add depth to his defence after seeing his side suffer a 5-0 defeat at the hands of Swansea City before they drew 1-1 against Norwich City on Saturday.
Hughes had agreed a fee with Tottenham for the transfer of Dawson, but reports claim that the centre-back failed to agree personal terms with the west London club.
The club have also been linked with a season-long loan deal for veteran Real Madrid defender Carvalho, with Inter goalkeeper Julio Cesar also reportedly a target.
"We will have a look at other options," Hughes told reporters after the draw at Carrow Road.
"There might be something which makes sense from our point of view, from a playing situation and a financial one, so we will have to wait and see."
The Hoops have signed seven players on permanent deals this summer and also added left-back Fabio on loan from Manchester United.