Hughes has moved to recruit controversial Nigeria forward Odemwingie to add to his attacking options, with Trinidad and Tobago forward Jones going in the opposite direction.
Following Sunday's 1-0 FA Cup fourth-round loss at Chelsea, Hughes said: "It should go through tomorrow and will be concluded then.
"We're pleased to get Peter in. He's a good Premiership player with experience at this level, a goal in him and a bit of pace - which we need to add to the squad.
"(I'm) Pleased to add him."