The pair have played together with England's under-21 squad and were team-mates at this summer's European Championships.
Hughes agreed to join the Hornets from Derby during the tournament in Poland, while Chalobah made the permanent switch from Chelsea after they lost in the semi-final.
The former Rams man is hoping they can both earn regular gametime under Marco Silva and feels they could potentially strike up a potent partnership.
Hughes said: "Potentially!
"We're both still young, we're both 22. He's played in the Premier League before but we both haven't played regularly so it's a new step and hopefully, in time, that could be a thing."