Hughes was at Loftus Road with advisor Kia Joorabchian on Monday for talks with chief executive Philip Beard about taking over at the west London club.
He revealed the talks had gone well but he had not yet agreed to become the club's next manager.
Former Wales, Manchester City, Blackburn and Fulham manager Hughes has been out of work since his departure from Craven Cottage in June.
Although the likes of Gianfranco Zola, Rafael Benitez, Roberto Di Matteo, Sven-Goran Eriksson and Steve Bruce have been linked with the position, Hughes has been the leading candidate from the off.
Asked if he had agreed to become the manager, Hughes said: "We're not at that point at this moment. We are still discussing the ideas the club have and I have to think very carefully about what's been said today [Monday] and overnight and then we will come back in the morning.
"I am pleased with how it's gone but nothing is confirmed yet. We still have a lot to discuss but it went really well today [Monday]. We will see what happens," he told reporters outside the club.
"There's a will to get to where we both feel comfortable with what's ahead.
"I have to be clear in my mind this is the right decision for me and QPR have to be confident in their own mind.
"One factor that concerns me is that I am an ambitious manager and have to make sure the club meets those ambitions."
Hughes admitted he had liked what he was told on Monday.
"It's interesting what everyone here has had to say. It's an interesting project.
"There's still a lot to discuss but it went really well today [Monday]."
Beard had made no secret of the fact Rangers wanted to move swiftly, telling Sky Sports News: "We'll try and move very quickly and get things sorted.
"We've some very big games coming up, not least Newcastle on Sunday and then an interesting (FA) Cup replay, with hopefully another game against Chelsea in the fourth round if we can get through the next one.
"This is a project about building for the short, medium and long term, and our intention - very strongly - is to do everything possible to stay in the Premier League this season.
"Then to build and grow the club so we can fulfil some of the ambitions, not just for the people behind the club, but more importantly than anybody, the people who support the club."
A run of eight Barclays Premier League matches without a win, in which QPR mustered just two points, cost Warnock his job, leaving the club in 17th, one point above the relegation zone.
The 1-1 FA Cup third round draw at League One MK Dons on Saturday, in which QPR grabbed a last-gasp equaliser, proved to be the final straw for owner Tony Fernandes.
Another of the reasons behind Fernandes' fast thinking is to give Hughes as much time as possible to act in the transfer market.
It is understood a sizeable kitty is available, with QPR already having had a bid of £5million rejected by Blackburn last week for defender Chris Samba.
Beard added: "We're already moving into the second week of January.
"The reality is there are some funds there and we've got to make the right purchases. It's a tricky month to try and make things happen.
"But our appetite is to bring one or two players in, if we can, to strengthen the squad, and the new manager will be part of that as soon as we can identify him and spend time looking at some of our targets."
Beard later told Sky Sports News after the discussions with Hughes: "It's fair to say we've got him interested and we are going to speak tomorrow [Tuesday] and see if we can take it further.
"If we get things right then hopefully we can start looking forward to Newcastle on Sunday, but we have got some work to do overnight and then in the morning.
"I'm hoping Mark is going to come back and we can try to complete some of the discussions we've had this afternoon.
"His pedigree and background speaks for itself and he's the sort of person and the sort of experience that we need at QPR.
"I hope (the fans) will be excited by what we're trying to achieve at the club and hope that Mark will be the sort of person that they think is the right person at this stage and hopefully for the long-term future as well."