He also recently hinted that he wants to remain in Germany, but Hughes still harbours hopes of signing the former Bayern Munich man.
"Ivica Olic is a player that we like and one that we are pursuing," Hughes told reporters.
"There have been one or two reports in the media saying this, that and the other but for as long as we see the deal as one we can complete, then we will remain in the hunt for his signature.
"He is a quality player and somebody I have met on a few occasions, and I really like him. We have to give the guy time to make the decision that he feels is right. It isn't dead in the water yet."
Stoke's next game is away at Cardiff City on Saturday.