In the absence of injured number one Jack Butland, 23-year-old Haugaard has started the last two Premier League games but has conceded six goals.
"It's a fluid situation," Hughes told BBC Radio Stoke.
"We've lost a top goalkeeper, but we have two outstanding keepers that can come in and do well for us."
I need to change then I will do. If I think one option's better than the other, that's my job," Hughes said.
"I'm quite comfortable with the situation; I know I've got two good goalkeepers.
"If Jakob plays he'll be expected to play well and if Shay comes in we'll expect him to play well too - there's always a demand on the person in possession of the shirt."