Hughes is keen to land another striker before the window closes and there had been suggestions that a sensational swoop could be on the cards for the Argentina ace.
City are ready to offload their temperamental star but the player is happy to stay until the summer when he will weigh up his options.
"I would consider it all the days of the week but the likelihood of that happening is unlikely, to be perfectly honest," Hughes said.
"As much as I would love to think it could happen, I would be very surprised.
"He is very much a Man City player at this time and I think the view is he will be there until the end of the season and then he will look at his options again.
"Unfortunately, I don't think we are an option for him."
Meanwhile, Hughes has also hinted he will not be making a move to sign Blackburn defender Chris Samba.