And Hughes wants to spend heavily again to bring Carrico to the Barclays Premier League.
Carrico's current contract does not expire until July 2013 - but the right-footed defender does have an £18.4m release clause.
Spanish side Atletico Madrid are also keen on Carrico, who has played 13 games for Sporting this season.
It is difficult to know quite how accurate either story really is, and they certainly haven't been widely reported.
However, and despite the money lavished on the squad so far during 2009, I don't think Hughes is ready to stand still with the squad so although there may not be a number of high profile arrivals, there could be one or two for the future added in January.