Hughes scored 39 goals in 123 appearances for the Blues in the 1990s and also helped the club win the FA Cup, Cup Winners' Cup and League Cup.
The 46-year-old then embarked on a career in management that has seen him take charge of Wales, Blackburn, Manchester City and most recently Fulham.
Hughes left Craven Cottage last year after turning down a contract extension, and while there is little chance of him deposing the highly-rated current Chelsea boss Andre Villas-Boas soon, the Welshman would like to manage the Stamford Bridge club one day.
"It would be very nice," Hughes told Chelsea TV. "Chelsea is the club I have a very special affinity for. Obviously I had a fantastic time here as a player.
"As a manager you want to test yourself at the very top, so if in the future if it's ever possible for me to work here then I would be absolutely delighted to because it's an outstanding club."
Hughes sparked dismay among most Fulham fans after walking out on the club after just one year in charge.
He spent little over a year at City before being replaced by Roberto Mancini and Hughes admits he is now focused on finding a club where he feels he can remain in charge for a long time.
"I had my reasons for leaving my last post and I just hope that I get an opportunity to get a job in which I can show a bit of longevity because that's what I'm looking for," Hughes added.
The Chelsea hierarchy have come under fire this week for the plans they unveiled which may see the club leave Stamford Bridge.
Some Blues fans have reacted angrily to the club's offer to buy the shares owned by the Chelsea Pitch Owners group, who bought shares in Stamford Bridge to protect the ground from being sold off to property investors in the 1990s.
The club insist that they have not yet decided if they will move or not, claiming they merely want to own the entire ground so they could relocate if a suitable plan to move locally becomes available.
Hughes, speaking at the Leaders in Football conference at Stamford Bridge this week, gave his tentative backing to the scheme, saying: "Football is a big business. I think every business and football club has to have contingency plans and they have to have an understanding of what may happen in the future, from what I gather that's what is being investigated."
Meanwhile, Chelsea today announced that former player Reg Williams has died at the age of 89.
In an injury-afflicted career, Williams played 74 games over six seasons for Chelsea just after the Second World War.
He was thought to be the last remaining player of the Chelsea team who drew 3-3 with Dynamo Moscow at Stamford Bridge in the first game to be played at the stadium since the end of the war.