The Hungarian’s contract with the Cottagers is set to expire this summer.
Gera was sent-off against Arsenal on Sunday for a lunge on Thomas Vermaelen.
“We were desperately disappointed for Zoltan,” Hughes told Sky Sports.
“I’m still hopeful that he’s going to stay next year but he’s got options and he’s keeping them open and he’s within his rights to do that.”
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Liverpool have unveiled their new home kit for next season, sticking with the hugely popular retro styling of the current shirt.
The reputation of the Premier League means it is the most popular and one of the most watched leagues in the world.