The pressure is mounting on Hughes who has so far failed to inspire a Rangers revival since arriving at Loftus Road last January.
Graham said: "You have to give Mark Hughes more time. I am not certain that anyone coming in now would be able to do a better job than him.
"He has to be given at least until Christmas or the end of the year to turn the results around. By then, Rangers would have played most of the clubs once - including those in what I would call the mini-league of around six or seven at the bottom that involves Rangers. You will have a more accurate idea of how the team will do this season."