The Canaries opted to dismiss the 55-year-old after two seasons in charge with just five games left to play in the campaign.
Norwich currently reside five points above the relegation zone in the league table.
"I am naturally very disappointed to have lost my job but immensely proud to have served as Norwich City's manager," Hughton said in a statement via the League Managers' Association website.
"I understand the recent frustrations, but I remained totally confident that we were on course to create history at the club by retaining our top-flight status and move into a fourth consecutive season in the Barclays Premier League.
"Collectively we were ready for the challenge that the final five games presented and we believed we would reward the club and the supporters by achieving that objective.
"Over the last two seasons many new players arrived at the club and it has been a period of transition, but I would like to put on record that the commitment and work ethic shown by them, together with the players still retained from when I was appointed, has been exceptional. The same applies to my coaching and backroom staff whose contribution has been immense.
"I now wish to reflect before preparing for the next challenge. However, what goes without saying is that I sincerely wish everyone connected to the club, from the owners and the board through to the supporters who are the essence of every club, all the very best for the rest of this season and into the future. Norwich City is a great club and I feel honoured to have had the privilege of being its manager."
Under-18s coach Neil Adams has taken over first-team duties.