Chelsea are top of the Premier League and have also reached the last 16 of the UEFA Champions League as well as the League Cup semi-final.
They will also be eyeing an FA Cup run in the new year, with Watford their third-round opponents at Stamford Bridge next month.
And Hughes believes Jose Mourinho has assembled a squad which is capable of maintaining their challenge for honours on all fronts.
He told Stoke's official website: "They are strong enough; obviously people they've added to the squad have taken them to a different level from last season certainly.
"I would suggest they are stronger to attempt to win the Premier League this time around.
"They will always have the resources to add to their squad and make themselves strong and even if they have injuries in key positions, they have outstanding young players who can supplement what they've got.
"They are never really exposed but it's a bit different when we have two or three injuries in the same position because our strength and quality diminishes but they don't suffer from that.
"You just sense that their belief in what they are doing this season seems stronger than in recent times.
"It's a big ask for any team to do it [win four trophies]. A lot of things have to go your way, you have to play exceptionally but more often than not you've got to have the right amount of luck as well.
"Jose's a very experienced manager - he knows luck always plays a part when you are trying to win trophies."
Champions Manchester City moved level on points with Chelsea by beating Crystal Palace on Saturday and Stoke will attempt to consign Mourinho's men to only their second defeat of the campaign at the Britannia Stadium.
