The 19-year-old has yet to break into the first team on a regular basis at Stamford Bridge and could be tempted to make the short trip across west London.
'He's a player I know and I like the qualities he has,' said Hughes, who has also been linked with Robbie Keane, Shaun Wright-Phillips and Henri Lansbury.
Bit-part player: Kakuta has found it difficult to break in to the Blues' first-team
'We are having lots of conversations about lots of players, but at the moment we don't know if any will go through.
'There is a lot of interest out there, whether we can conclude the deals only time will tell.'
Hughes is also close to agreeing a new contract with skipper Danny Murphy, whose current deal runs out in the summer.
'We are in discussions and are very hopeful that will get concluded, there's a will on both sides to get that done.
'He's a big influence on group and a good captain. It's important for everybody that Danny knows where he's going to be.'
Chelsea boss Carlo Ancelotti today indicated Fulham would have to wait on any deal for Kakuta, as the club are still assessing whether it would be beneficial to let him leave on loan.
'We are thinking about if it's good for a young players to have experience on loan for six months,' he said.
'With Kakuta, we didn't take a decision (yet).' Cole in running for England award as fans finally warm to Chelsea starIt's a London thing: Chelsea kid Kakuta set to join rivals Fulham on loanAll the latest Chelsea news, features and opinionAll the latest Fulham news, features and opinion
Explore more:People: Danny Murphy, Robbie Keane, Shaun Wright-Phillips, Mark Hughes, Carlo Ancelotti Places: Fulham, London