The Gunners have enjoyed a promising start to the season, while new €50 million signing Mesut Ozil appears to have hit the ground running in the Premier League.
And Hughes now believes Wenger has no excuse but to end the club's eight-year trophy drought - or consider his long-term future at the Emirates Stadium.
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"It would be a big wrench, he has a big emotional attachment to the club and rightly so.
"He has led them in changing grounds and building different teams for different periods, so I can understand his reluctance to walk out on that.
"He is an honest man and he might think it is time to give someone else the opportunity to bring the trophies he hasn’t been able to recently."
Hughes clashed with Wenger when he refused to shake the Frenchman's hand while at Manchester City, and he admits the pair are yet to reconcile after the incident.
"We’ve not made up," he admitted. "To be honest I’d forgotten about the handshake. I do have the utmost respect for him. On occasions I get a little bit emotional and try to protect my team.
"We get a bit silly.
"Usually you then park it and go on to the next game."