The striker has played a starring role in the Canaries' rise from League One to the Premier League, with some believing he warranted an England call-up for Euro 2012.
His 15 league goals last season ensured Norwich remain in England's top tier of football for another season at least.
However, the 31-year-old handed in a transfer request last month and has been widely tipped to follow former boss Paul Lambert to Aston Villa this summer.
Hughton admitted it is vital to address the striker's future, saying it is key for the club to keep their best players if they are to build for a brighter future.
"I can understand the speculation and I have listened to it from further than here," he told Sky Sports News.
"He is a quality player, there is no doubt about that. Anybody that has got the record he's got over the last few seasons, and to score the goals that he has done last season, I don't think there would be any manager coming in that wouldn't want to keep a player of that quality.
"But I have only been through the door a few minutes and I haven't had an opportunity to speak with him. That will be one of the priorities, along with other members of the squad. I do need that opportunity to chat with him, but he's a player that's contracted to this football club.
"He's won Player of the Year for the last three seasons, so I'm conscious of what he means to this club and I would like him here."
Hughton added that he has money to spend on strengthening the squad this summer: "We have had conversations, of course.
"The bigger conversations will start once we get through today. I have been in for a very short period of time and other details have had to be sorted out first.
"But we will have conversations about how we can move forward and there will be a budget to work on with bringing players in.
"But that's probably not the most important thing at this moment, there is a squad of players here that have fared very well, not only last season but in the last few seasons. It's a question of getting to know them, getting to know the quality of the players, to assess where we can strengthen because this is a tough and demanding league.
"We need to see where we can strengthen and where we can make ourselves better as a team and as a squad. These are decisions that I will need to make over a period of time."
