Hughton has been under pressure recently, with Norwich sitting only a point clear of the Premier League relegation zone after a run of just one win in their last 11 games.
Norwich are the only club in the division's bottom six not to have made a managerial change this term, but McNally has suggested that Carrow Road hierarchy will act should they feel a new direction is required to preserve their Premier League status.
"I think you have to be aware of the market and it would be almost delinquent of the football club to not be aware of potential candidates if for any reason your manager left," McNally is quoted as saying in the Eastern Daily Press.
"That could be because your manager wants to go elsewhere, as did Paul Lambert, or if results are not good enough you have to be aware of who is out there to help.
"You look at the market and who might be right for Norwich City.
"If we needed to make a change then it wouldn't be a case of, who are the contenders? It would be a case of reviewing what is required, where are we going and who is best placed to take the club forward."
