The 23-year-old has been linked with a move away from the Canaries this summer following their relegation to the Championship last season.
Stoke were understood to have made a £5m offer for the England Under-21 international earlier this week, and Hughes admits that he would like to bring the youngster to the Britannia Stadium.
"There is interest there - he's a good young player and a player we would like, but he's not our player," he told Sky Sports News. "He's Norwich's player and they are obviously well within their rights to retain him.
"He's under contract to them and there is nothing moving at the moment. So we'll just have to bide our time maybe."
Redmond has three years remaining on his current deal at Carrow Road.