The 25-year old Moroccan winger spent last season on loan with the Potters and Hughes had hinted at attempting to lure him back to the Britannia Stadium on a permanent basis.
But the Welshman has revealed that any deal to bring the former Heerenveen ace back has now disappeared.
"It's common knowledge Ozzie is somebody we would like to bring into the club, but at the moment that deal has gone cold," said Hughes.
"He is one we have chased for a while now, but there hasn't been any real movement on that front, so we will just have to wait and see what the situation is with regards to that deal."
During his loan with Stoke, Assaidi scored five goals in 25 appearances for the Staffordshire outfit.
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