Santa Cruz worked with Hughes at Blackburn before joining him at the Etihad Stadium, after Hughes had also moved there, in 2009 and is likely to leave City permanently this summer after spending last term on loan at Real Betis.
While the 30-year-old was quick to state no talks had taken place between himself and the Hoops, he also admitted he had enjoyed his time working under Hughes previously.
The Paraguayan told Sky Sports News: "Everybody knows that I have a big respect and I am very thankful to him for the time we worked together.
"I hope he will have a great season and achieves his goals and who knows, I want to play and I want to do good and I want to be successful so who knows we might work back together.
"I haven’t spoken to him or anybody and this might be a long way to happen. A big thing to me is to be fit as I might go to a place where I will play."
QPR have already made seven signings in the current transfer window as Hughes looks to re-build his squad ahead of next season.