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.
Assistant manager Carlos Compagnucci and assistant first-team coach Xavier Tamarit have also parted company with the club.
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".
The latest 3-0 defeat at relegation rivals Newcastle on Saturday proved to be the final straw for the Southampton hierarchy, with the club in danger of being relegated from the top flight for the first time since being promoted in 2012.
In a change from recent appointments, and with eight games remaining to ensure they are not relegated, Southampton are working to a different criteria than in the recent appointments of Mauricio Pochettino, Ronald Koeman, Claude Puel and Manuel Pellegrino.
But who will take on the challenge of keeping the Saints up?
Southampton should appoint Mark Hughes as their new manager until the end of the season, says Robbie Savage.
Saints will be hoping to appoint Pellegrino's successor quickly, with an FA Cup quarter-final at Wigan looming on Sunday.
Given that the Saints only have eight league games to go then club legend, and caretaker, Kelvin Davis could well be an option until the end of the season.
SC women's team a No. 2 seed in NCAAs
South Carolina, No. 7 in the latest Associated Press poll, is 26-6 overall and the defending national champion. A&T heads into the tournament on an 11-game winning streak and with 19 wins in their last 20 games.
HBO Orders Nicole Kidman Limited Series Thriller The Undoing
Abrams' Demimonde , Jordan Peele's Lovecraft Country, True Detective, Sharp Objects, The Deuce and Here and Now, among others. The psychological thriller series follows Kidman's Grace as she floats through the "only life she ever wanted for herself".
US Bancorp (USB): How Do the Books Stack Up?
Following the sale, the director now owns 231,682 shares of the company's stock, valued at approximately $12,881,519.20. Crystal Rock Capital Management sold 20,850 shares as the company's stock declined 6.89% while stock markets rallied.
Lok Sabha adjourned till noon
A similar situation prevailed in the Rajya Sabha which was adjourned within minutes after it met for the day. She was forced to adjourn the House for the second and final time for the day at 1215 hrs.