The Welshman has been locked in discussions with Rangers' chief executive Philip Beard for much of the afternoon at Loftus Road, but as yet no agreement has been reached.
"We're still discussing the ideas that the club have and I've got to think very carefully about what's been said today," Hughes told reporters.
"I'm pleased with how it's gone but nothing's confirmed yet. We all have to discuss a number of things but [the talks] went well today.
"It's about thinking things over and we'll see what happens in the morning. I'm an ambitious manager and hopefully the next club I'm at can match those ambitions."