Fernandes, who replaced Neil Warnock with Hughes in January, has his sights firmly set on a prolonged stay back among England's elite clubs.
He said on London24.com: "I feel confident that Mark is potentially the man who could take QPR into another era, a stable era, where we become an established Premier League club.
"Mark is immensely impressive. He has got a great personality, is very ambitious, down to earth, has his ego in check and he knows his stuff.
"He was a player in the Premier League for a long time so he has competed at the highest levels. Every club he has been to he has excelled at.