Centre-back Meekings has signed a new two-year contract, following in the footsteps of midfielder Greg Tansey.
Both helped Caley Thistle collect 16 Scottish Premiership points in January, a tally that helped Hughes win the manager of the month award.
Caley Thistle were unbeaten in their six league games last month and are currently third in the Scottish Premiership. They have also win through to the quarter-finals of the William Hill Scottish Cup, defeating Partick Thistle in the fifth round.
Hughes was delighted that Meekings will extend an Inverness career that has already seen the 22-year-old make more than 130 appearances since signing from Ipswich Town during the summer of 2011.
Hughes said: “He is a massive player. He is the bedrock which we build our team on, him and Gary Warren, they have got a fantastic partnership.
“He’s a fantastic passer, has a great range, he is very quick for a centre-half.
“I know there were a lot of big teams sniffing about him so I’m delighted he has committed his future to the club for another two years.”