Crouch was on target in Stoke's 2-2 draw at QPR on Saturday, the ex-Liverpool and Southampton striker finding the net against another of his former clubs, who were heavily linked with a move for him in the transfer window.
The 33-year-old's deal at the Britannia Stadium expires at the end of the season, but Stoke manager Hughes is keen to extend the towering forward's stay in Staffordshire.
"We've had conversations about that [a new contract]. Peter knows how much value I place on him, not only on the field, but also off it," Hughes told The Sentinel.
"Everybody enjoys his personality and his company, so that's something we are mindful of and you don't allow that to leave your club lightly.
"It [a new contract] is not something we have gone into in depth, but Peter knows how much we value him."
Hughes believes Crouch is still one of the better strikers in the Premier League and feels the England international has a long time left at the top level.
"He probably doesn't get enough free-kicks," the Welshman added. "And [he] probably gets penalised more than most centre-forwards because of his size and gait.
"Given what's he's asked to do, he's as good as any around. He's a fit guy and pace isn't the main asset he has. I know myself. My game was never based on pace and I was able to go on until I was 38.
"Maybe when you get older you get a better understanding of how you can be most effective and more of an irritant to the opposition."
