He said: "I think European rules would forbid it anyway.
"There are a lot of things discussed among Premier League chairmen, and perhaps this is a consequence of those discussions."
Hughes has also dismissed Bolton chairman Phil Gartside's call to scrap relegation from the Premier League.
He added: "Maybe he's trying to protect his club's position, in as much as relegation has such a huge effect on a club.
"If you can guarantee that there isn't going to be any relegation, which was another thing he mooted, then that's going to benefit many, many clubs.
"But I don't think that's going to happen."