The 20-year-old is currently playing for the New England Revolution in Major League Soccer and Hughes is hopeful of bringing him to the Britannia Stadium.
"We're hopeful of progressing that. It seems there's a willingness from both sides," Hughes told BBC Radio Stoke.
"We're still in discussion, but if we can do that he's a good young player and we feel he's got good potential."
Should a deal be agreed, the Potters would become the fourth club of the powerful Colombia-born frontman's short career to date.
Having made his MLS debut with the New York Red Bulls, he was traded to Chivas USA last season and then on to the Revolution ahead of the current campaign.
He would find some familiar faces in Staffordshire, with fellow USA internationals Geoff Cameron, Brek Shea and Maurice Edu already on the Potters' books.
Agudelo would be Hughes' third signing since taking over from Tony Pulis, following defenders Erik Pieters and Marc Muniesa.