Ahead of Thursday's first leg of their UEFA Cup first-round tie with Greek Cup winners Larissa, Hughes said: "The aim at the beginning of every season is to win something.
"But we're acknowledged as one of the better teams in the Premier League, and people are actually talking about us in those terms.
"I've always subscribed to the view you should work to those expectations, not try to dampen things down and hope to over- achieve.
"Fans want to believe there's a chance of winning big games, winning silverware.
"Sometimes there can be false dawns, but I just sense with this group of players we have now that the next step is to try and win some silverware if we can."
As far as Hughes is concerned, he believes the current squad is the best he has worked with, adding: "I think that's acknowledged by most people.
"We've good depth, good quality of players who can come in, so I have the option of rotating the squad if I feel the need to.
"I've not had to do that up until this point, but it's the first time the option has been open to me since I've been in charge.
"That shows the strength we have this year."