The Scotland international has returned from a successful loan spell with Present North End and attracted interest from a club in the Championship, but Hughes would only be tempted to let him go if it was on a permanent basis and
in the best interests of Rovers.
"I've got a lot of time for Gally because I've got great admiration for the skill and technical ability that he has got," Hughes told the Lancashire Evening Telegraph.
"I don't really want to allow that out of the club unless it suits my plans, and I'm able to look at situations that will benefit the club.
"So we are not really looking at the situation regarding Paul as yet, but the window is open so who knows what might happen," the Rovers chief said.
Hughes rates the 23-year-old as one of his most technically gifted players but he is still behind the striking calibre of Roque Santa Cruz, Benni McCarthy and Matt Derbyshire in the first-team pecking order.
"In the early part of the season we brought in Roque, and also had Benni, Jason Roberts and Matt Derbyshire as well, so that was the thinking behind letting him go out on loan.
"We wanted him to play football and he's a guy who has had experience of going out on loan because he had a spell at Stoke (two seasons ago) as well.
"There's always that balance to be made when you send a player out on loan because when they come back, they are always that little bit frustrated because they've got used to playing every week.
"So you always have to reassure the player that he still has a big part to play," Hughes added.