Hughes was speaking on BBC Radio Scotland’s Sportsound programme, where he also opened up on what life has been like since leaving Inverness CT and the reasons for his departure at the end of last season.
The 51-year-old previously had spells with Falkirk, Livingston, Hartlepool and his former club Hibs. He was in charge at Easter Road for only 16 months despite leading the club to Europe in his first campaign.
Asked if he’d consider managing Hibs’ main rivals, he said: “I need to be careful what I say here. At the age I am now, after what happened at Hibs, yes I possibly would.”
He also revealed that his former boss at Falkirk, Jim Jefferies, tried to sign him for Hearts in the mid-90s.
He said: “Yes. Jim wanted me when he was at Hearts. Well, Celtic came in, and any time you get a chance to sign for a club like Celtic you have to take it.”