Tottenham have accepted Manchester City's bid of over Ј30m for Dimitar Berbatov, BBC Sport understands.
The striker, 27, has been linked with Manchester United all summer, but the Red Devils have been reluctant to pay Tottenham's asking price.
And City's new owners Abu Dhabi United Group have made a late attempt to steal the Bulgarian from under their noses.
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"We have made an offer and I think it's agreed between ourselves and Spurs," he told Sky Sports. "Now it's up to the boy to decide."
City revealed on Monday that owner Thaksin Shinawatra has agreed to sell the club to the Middle East company.
And the new owners have immediately set their sights high, with Valencia striker David Villa and Stuttgart's Mario Gomez also said to be on their list.
The club chased the signature of Brazilian star Ronaldinho before he decided to join AC Milan.
And it seems highly unlikely that Berbatov would opt to move to Eastlands after admitting his desire to play Champions League football was the reason for his wish to leave Tottenham.
But with time running out on a move to Old Trafford before the transfer window closes, Berbatov could be left with a decision to join the City revival or mend his bridges at Spurs.
Hughes admitted the turnaround in the club's fortunes has surprised both himself and the fans.
"It's happened quite quickly today," he added.
"We are going to try and bring good players to the club and it is a notice of our intent and we'll try and get him.
"There is a real buzz and expectation and hopefully this time it won't be a false dawn and we can establish ourselves as a top six club.
"They [the new owners] have the means to do that.
"I wanted the resources to compete at the top table and it looks like that's what I have got.
"Things are happening - we have a couple of bids in but it is late in the day. We are in there and trying to get good players in.
"I'm stunned and excited. Both myself and the fans are very excited by what's going on.
"There have been a lot of disruptions and negative publicity but that's been put to the side in one fell swoop."
(BBC)
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