Tevez's future has been the subject of constant speculation with his two-year loan deal at Manchester United expiring at the end of the campaign.
United have first refusal on signing Tevez, but they are thought to be reluctant to pay the price-tag on the Argentine's head.
Widespread reports suggest City are ready to meet the asking price for Tevez as they look to build on their signing of Gareth Barry.
Hughes admits he would be interested in signing Tevez if he becomes available.
"Carlos Tevez is a good player. If good players become available then obviously every manager is interested," Hughes told Sky Sports News.
Possible exitMeanwhile, Hughes has admitted Daniel Sturridge could be on his way out of Eastlands.
Chelsea have been strongly linked with a move for the 19-year-old forward, who has so far failed to agree a new deal at City.
Hughes admits Sturridge's future is out of his hands as the player is now a free agent.
"We are not in a position to dictate that [Sturridge's future] really," added Hughes. "We have offered Daniel a deal that we think is at the level he should be at.
"He is in a strong position because he is in the last year of his contract
"He is keeping his options open, which he has done for quite some time, we just have to wait and see.
"Obviously I have made my intentions very clear to him I would like him to stay but it may be out of our hands."