Hughes, who has been at Falkirk six years, told the Daily Record: "I never self-promote but I am at the stage where I wake in the morning and ask myself, 'Have I taken Falkirk as far as I possibly can?'
"I've not heard from Blackpool or Charlton and it is only speculation but if the opportunity came to manage either of those clubs I would have to consider it seriously.
"It is flattering that clubs may be interested in you. It might upset one or two Falkirk players but I am honest and ambitious and have earned my stripes but I care deeply about this football club and I have unfinished business here.
"I have never hidden the fact that I have ambitions to manage down south.
"There is a squad of Scottish managers there - Sir Alex Ferguson, David Moyes, Alex McLeish, Alan Irvine and Owen Coyle - and I'd like to join them.
"It would be the next stage in my development.
"If the chance to do so arose, I don't think the Falkirk supporters would hold it against me.
"I have given them 12 years' service as a player and manager. It would be the exact same situation as when I left to join Celtic.
"In the meantime I still have a job to do here and I will always be indebted to Falkirk for giving me my start in management.
"But you never say never."