The 33-year-old is a free agent after his deal at Oldham expired at the end of last season.
Hughes, who has scored 141 goals in 344 career appearances, held talks with Magpies manager Ian McParland on Friday and negotiations are ongoing.
"Lee was here and we made him an offer which he went away to think about," McParland told the club's official website. "His agent has come back to us with some figures that are a little too high but we are still keen to see if we can come to an agreement and we will be planning more dialogue this week with Lee.
"We have made some key signings in the last week with Graeme Lee and Ben Davies becoming part of what we are trying to achieve here, and Lee would be another major piece in the jigsaw we are putting together.
"Signing a striker has been vital because we didn't score enough goals last season and I believe if Lee signs he can strengthen our frontline considerably. His record speaks for itself and if we manage to get him here I will be delighted."