The Morrocan has played a bit part of late for struggling Rangers, who won their first game under new boss Hughes against bottom club Wigan Athletic on Saturday.
Taarabt played no part in the contest, due to his participation in the African Nations Cup, but had been frozen out by ex-boss Neil Warnock following a series of off the field disputes, and a drop in the 22-year-old's form.
"I think we needed that," Taarabt said of Warnock's exit. "I had good years with Neil Warnock but we were in a bad position.
"I think if Mark Hughes was not coming in, maybe I was leaving in January.
"I spoke with the chairman and the situation now has changed. They want to keep me and we're going to have a discussion when we come back.
"Mark Hughes is a great manager and I think the chairman is giving him money so he's buying players.
"I'm going to meet him and see what's going to happen."
Taarabt was seen leaving QPR's defeat to Fulham earlier in the campaign at half-time, while he also reportedly fell out with captain Joey Barton.
During the summer and upon the resumption of the season, Taarabt revealed his intension to leave the newly promoted side, following talk a move to Arsenal and Chelsea.
The pair are now unlikely to reignite their interest in Taarabt given the declaration of his interest in staying in west-London, with alternative targets, in the form of Juan Vargas and Eden Hazard, likely to take priority.