Southampton dismissed Pellegrino yesterday after just one victory in 17 league games under the manager.
Hughes, who was sacked by Stoke six days into the New Year, made 52 Premier League appearances for Southampton between 1998 and 2000 under Dave Jones then Glenn Hoddle, scoring just two goals before moving on to Everton.
Southampton have won just one of their last 17 league matches - against bottom club West Brom - with Saturday's 3-0 defeat at Newcastle proving to be the final straw.
Pellegrino, only appointed in the summer, paid the price for Southampton's alarming recent form.
But Jeremy Wilson of the Daily Telegraph reports that Saints have "prioritised the need for Premier League experience and an immediate ability to galvanise their flagging squad".More news: Championship midweek preview: Wolves, Cardiff and Aston Villa all in action
"The club will look to appoint a new management team as soon as possible, with the search for a replacement already under way".
So they hired Pellegrino, and nine months on they must be regretting their decision.
Another boss who lost his job earlier in the season, Slaven Bilic (formerly of West Ham), features in the upper echelons of the market, as does Gordon Strachan who remains a popular figure on the south coast having previously led the Saints to an FA Cup final and 8th place finish.
As the paper points out "given the club's perilous position they will struggle to attract a leading manager", increasing the likelihood that the Saints will go marching into the Championship at the end of the season.