The 31-year-old Republic of Ireland midfielder was the subject of a bid from Aston Villa, driven by former Canaries boss Paul Lambert.
Norwich's board rejected the offer outright and have since refused to countenance the idea of Hoolahan leaving Carrow Road in the January transfer window.
Now Hughton has confirmed he wants to keep the seven-cap midfielder and is instead focused on bringing in reinforcements rather than seeing players leave.
When asked if Hoolahan could be sold this month, Hughton said: "At the moment our concentration is on can we add to the squad, can we improve the squad, not on letting players go out.
"We've had a few injuries especially in midfield, and then Michael Turner will be out for a while as well.
"We are trying as hard as we can (to sign players) the same as everybody else, but January is a notoriously bad time to bring in players.
"But they also have to be right for the club."
Norwich slumped to a 3-0 FA Cup third-round replay defeat at Fulham on Tuesday, leaking goals from Darrent Bent, Ashkan Dejagah and Steve Sidwell.
Hughton shrugged off the building pressure in light of the Canaries' eighth consecutive match without a win.
Shouldering responsibility on himself, the former Newcastle boss said this run is not the most testing of his Norwich tenure.
Norwich have already signed Jonas Gutierrez on loan from Newcastle this month, the Argentina winger linking back up with former boss Hughton.
The Norwich manager now expects to have Alexander Tettey and Anthony Pilkington fit for Saturday's Barclays Premier League clash at home to Hull.
"They have now trained this week and are very close to being back in the squad," said Hughton.
"They will be good additions back in, and on top of that we'll keep working hard to see if we can make any more signings.
"Jonas will be a good addition for us, he knows the league very, very well, he's played nigh on 200 games in this division.
"So he'll be a bonus for us, and we're working as hard as we can to address other possible additions."