However, the League One outfit have opted to hire the services of Hughes, who led Hibs to the Europa League in 2009.
"We're convinced we've got the right man in place to take the club forward," chief executive Russ Green told the club's official website.
"Everybody knows that this appointment was a crucial one for the club so we have taken our time, assessed our options and John is the choice we are all extremely happy with.
"He has a vision for the football club, he has a passion and a drive to succeed and we hope that the fans will be as excited as we have to have him in place."
Pool are currently bottom of the League One table.