The in-form striker is off contract in June.
Hughes said: "My game was never based on pace and I managed to keep going until I was 38.
"Peter has the ability to do that I'm sure. He might not get a contract until he's 38 though.
"We value Peter. He's unique in terms of what he does and what he offers.
"He's a threat in the air and technically he's an excellent player. He's great to have in the dressing room as well. He's a fantastic personality.
"There are a lot of key boxes that Peter ticks so to be able to replace him would be very difficult. I'm sure the club will be thinking about having more conversations with him and we'll see where that takes us."
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