Hughes is determined to add more depth to his squad as he attempts to meet the lofty ambitions at Craven Cottage following his appointment as Roy Hodgson's successor this summer.
Bellamy appears to be surplus to requirements at City, who last night added Inter Milan striker Mario Balotelli to a squad which already contains forwards Emmanuel Adebayor, Carlos Tevez, Robinho, Roque Santa Cruz and Jo.
Celtic and Sunderland have already declared their interest in the 31-year-old while Tottenham are also said to be keen on landing the Wales striker, who scored 11 goals for City last term.
Spurs would be able to offer Bellamy Champions League football but Hughes has the advantage of knowing the fiery striker well having managed him at City, Blackburn and Wales.
When asked if he would be interested in signing the striker, Hughes responded: "Yes. He was one of the top players in the Premier League and if he comes on the market, and if we're in the position where we can conclude a deal for Craig Bellamy, then yes, we would be very interested.
"At the end of the day the way the situation seems to be forming for Craig that Manchester City won't use him at Premier League level, so from Craig's point of view it is very important that he makes the right decision for his career."