News of the World says Gigi Buffon, Kaka and Fernando Torres is at the top of his list over targets.
Hughes will flie to Abu Dhabi next month for a meeting with the owners of the club.
It is believed that it will take at least £50million to sign World Player of the Year, Kaka, from AC Milan. City will also have to splash about £25million in order to sign Buffon from Juventus.
News of the World claims the Juventus goalkeeper is unsettled and is ready to leave the club.