The England international lost his place to Alex McCarthy last season, whilst the summer signing of Angus Gunn from Manchester City has arguably pushed the former Celtic stopper even further down the pecking order.
With that in mind, Hughes says he is open to the option of sending Forster out on loan. However, with the Premier League transfer window now closed, the 30-year-old would be limited to either a spell in the Championship or a move overseas.
"If it's a good option, a viable option for him, then he would probably take it because he wants to play," said Hughes.
"He's clearly a little bit frustrated, we'll just have to wait and see.
"If there is interest or the clubs that are interested come in for him, it's a decision he will have to have a thought (on).
"If it's not the right club for him, or the right country, or the right level, then as a manager I'm quite happy to have three outstanding keepers. We're all a little bit selfish."
Forster has not featured for the 'Saints' since the 5-2 defeat to Tottenham on Boxing Day and is not expected to be in the squad when Southampton get their new Premier League campaign underway against Burnley at St Mary's on Sunday.