The Leicester midfielder has made 91 appearances at the Walkers Stadium after signing from Ibrox for £100,000 yet has not managed to stamp his authority on the Championship.
It is understood a fee of around 70k would be required to take Hughes back up north.
There is sure to be a muted response from Hearts fans to this latest signing, who have already seen their side fall to a 2-1 defeat to FC Tavriya.