The former Manchester City manager says he would be interested in taking the reins at Goodison Park should David Moyes join Manchester United as expected.
Ferguson's imminent retirement following a 26-year tenure at Old Trafford was announced on Wednesday, and Moyes has been pinpointed as his replacement, with Everton subsequently eyeing Wigan boss Roberto Martinez.
Hughes was dismissed from his post at Loftus Road in November following a winless run since the beginning of the 2012-13 season, and he is now keen to prove himself once again in the Premier League.
"It's not happened yet but it's obvious if one manager leaves there is an opportunity for other managers who are currently out of work, which includes myself," Hughes told Sky Sports News. "[Everton] is a great club, a club I had the fortune to play for and I really enjoyed my time there. Whoever gets that opportunity it is a really big club and really big shoes to fill.
"It's an opportunity for somebody and I back myself for most jobs in the Premier League. It's a big job, there's only 20 jobs available and everybody wants to work in the Premier League."
Hughes represented Everton for two seasons during the tail end of his playing career, which also included the stints with United, Barcelona and Chelsea.