The Swiss winger, 23, has been a long-term target for the Potters and came close to joining just last month only for the deal to fall through, with Shaqiri reportedly uninterested in the move.
Now, though, it seems a deal may be reached after the former Bayern Munich man was spotted watching Stoke's 1-0 loss at home to Liverpool in their first game of the new Premier League season on Sunday.
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"If we can conclude something then we'll be delighted," said Hughes. "But nothing is certain in the transfer market when the window is open.
"We've been close in the past and haven't been able to conclude deals so we'll have to wait and see."
The rumoured move for £12 million comes after Shaqiri was told by returning Inter Milan manager Roberto Mancini that he was free to leave the club, despite only joining from Munich in January, and was not involved in his first-team plans for the upcoming season.
Liverpool have previously been interested and linked with the Switzerland international, whilst it was also reported that Everton were considering a loan deal with the view to make it permanent.