The England Under-21 international only moved to Carrow Road from Birmingham City last July, but doubt has been cast over his future after the Norfolk club were relegated from the Premier League last season.
Stoke have been linked with Redmond for some time and reportedly put in a second bid of £5 million for the player on Monday.
"There is interest there - he's a good young player and a player we would like," Hughes told Sky Sports News.
"But he's not our player, he's Norwich's player and they are obviously well within their rights to retain him.
"He's under contract to them and there is nothing moving at the moment. So we'll just have to bide our time maybe."
Redmond, who started Norwich's Championship opener against Wolves on Sunday, made 34 Premier League appearances last term, scoring one goal.
