The Moroccan playmaker has been linked with moves away from the Premier League strugglers in recent months.
Despite an inability to repeat last year's promotion-winning form, Hughes believes that the 22-year-old has a future at Loftus Road.
"We've certainly not had any conversations in that regard and have no intention of allowing him to leave," the R's boss told the Fulham & Hammersmith Chronicle.
"He's a part of what we're trying to build on for the future."
Taarabt has one year left on his current deal with the London club.