The Hoops tried to sign the Spurs and England stopper in the summer but the proposed switch broke down over personal terms.
Dawson has not featured under new Tottenham boss Andre Villas-Boas so far this season and Hughes believes QPR could have more luck signing him in the winter transfer window, if the club still need defensive reinforcements.
The QPR manager, who travels with his side to White Hart Lane in the Premier League on Sunday, does not believe the 28-year-old centre-back will be content to sit on the bench at Spurs.
"Maybe Michael's situation happened too quickly for him to understand what his future is at Spurs," Hughes told the Daily Star.
"We took it as far as we were able to and he would have been a good acquisition but it wasn't to be.
"In January that might be different if he is still out of the team but we may have moved on by then."
The push for more color on their cleats, adidas has added the infrared colorway to the adiZero f50 Line.
The adidas Nitrocharge is the most talked about new cleat in years. It was released on May 15 and will take your pitch by storm.
One of the top soccer cleats for control the Nike CTR360 will not let you down on the field in tight spaces.
Chelsea won the Europa League on Wednesday. The Blues defeated Benfica 2-1 on injury time goal from Ivanovic.
Ajax has released their away soccer jersey for the 2013/14 season. Get in the Gear.
Borussia Dortmund hears Wembley Calling and are headed to London for the Champions League final.
The Juventus jersey for the 2013/14 was released earlier this week. Be the first to wear the colors of the Old Lady.
The new PUMA evoSPEED 1.2 FG. A great new soccer cleat with classic look and first time for PUMA to be on the cleat.
adidas has added some color to the Predator line with this new colorway. Released on May 17. Be the first to own a pair.
The Liverpool 2013/14 soccer jersey is available for pre-order. The Reds are eager to compete for silver next season.