Blackburn's chances of grabbing a European place took a dive following their weekend defeat at Upton Park.
England international David Bentley is reportedly attracting the interests of top clubs throughout Europe and striker Roque Santa Cruz has enjoyed a blistering debut season in the Premier League.
But despite admitting that attaining European football helped to attract new recruits, Hughes insists Rovers would always strive to keep their best players, even if Europe was out of their reach.
"There will always be interest in the better players at your club," he told the Lancashire Telegraph. "That's part and parcel of being manager; you always know that speculation is going to be there.
"But all our key players are basically contracted for the next two or three years, and we are not a selling club.
"If I feel there is a deal to be done, and it benefits Blackburn Rovers, then we do it.
"But we don't have to sell anyone."