Rangers are currently 17th in the Premier League table, but Savage believes that Hughes has the capabilities to guide his team to survival.
"QPR must have impressed Mark Hughes with their ambition, and he spends money very wisely," Savage told BBC Football Focus.
"In Blackburn he was in a similar position in the league and picked up bargains in Chris Samba, Craig Bellamy and Roque Santa Cruz.
"Hughes will keep QPR in the Premier League."
Savage and Hughes worked together during the latter's time in charge at Ewood Park.