The Daily Star Sunday says Hughes' future as Man City boss is in further doubt after Roberto Mancini was reported to be behind a £16m Blues swoop for Lavezzi.
The Argie striker is being offered £60,000 a week to switch to Eastlands say reports in Italy.
And it is claimed ex-Inter boss Mancini is behind the developments amid speculation the Italian is being lined up to take over from Hughes in the summer.
Lavezzi, 24, has hit seven Serie A goals this term and has a big reputation in Italy.
The news of Mancini's involvement will be another blow for Hughes.