The Aston Villa midfielder is out of contract at Villa Park in the summer and the Potters are keen to sign him up permanently so they can bring in another domestic loan
Ireland, whose contract at Aston Villa expires at the end of the season, is one of two players - together with Liverpool winger Oussama Assaidi - on a season-long loan at the Britannia Stadium.
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In a press conference on Friday, Hughes said: "We are looking to get things done with Stephen on a permanent basis, and we are hopeful of being able to do that.
"It would free up a domestic loan space for us, which could be important for us.
"We would like to use that loan space on somebody who we feel could come in here and help us over the next few months."
Hughes would also be keen on capturing Assaidi on a permanent deal should the Moroccan choose to leave Liverpool.
"Ozzie's intention, certainly when he came here, was to go back to Liverpool and try to force his way back in there," the Welshman added.
"I haven't spoken to him since, but if he does change that view then we will look to do something in the summer if at all possible."
Stoke will be without Assaidi against Liverpool on Sunday due to the terms of his loan agreement. The Potters will once again be without the injured Andy Wilkinson (foot), though defender Robert Huth (knee) and goalkeeper Thomas Sorensen (Achilles) have trained and could come into contention.