The midfielder signed a permanent deal at the Britannia Stadium in January, after previously joining on a loan deal from Aston Villa in the summer.
His current contract expires at the end of the season, and Hughes is keen to tie the 27-year-old down for the long term because he feels that it would be a good move for all parties concerned.
"We are very hopeful that something is going to be concluded very quickly," the Stoke manager told reporters before their 4-1 victory over Villa on Sunday.
"He was really disappointed he couldn't take part today but we hope it will be concluded.
"Stephen needs stability in his career. He hasn't had that for whatever reason and now he will at a club where he will be settled and have the impact his ability is able to have on a team."
Ireland has made 23 appearances for Stoke in all competitions this season, scoring three goals.