The Manchester United legend will take charge of the Red Dragons for one last time this evening as Wales face Poland in a World Cup qualifier in Cardiff. He has his opinions about who shouldn't take the job but feels that evergreen veteran Speed is an ideal choice to replace him.
John Toshack, Ian Rush and Brian Flynn have also been linked to the post whilst Hughes will now concentrate on full time management with Blackburn Rovers.
"I haven't been asked for my opinion who I would have, There may be a few individuals who I would not like to come in, but that's for my own counsel.
"Gary Speed would be a very good appointment. Whether he would be in a position to take the job I don't know, but he has the qualities to be a good manager. It would be a similar appointment to me."
Meanwhile Bolton manager Sam Allardyce has urged Speed, a summer signing from Newcastle United, to hold fire on any potential thoughts of management and honour his playing contract with the Wanderers.
"I really don't think Gary wants to be going down that road just yet, Anything that detracts from his performances in The Premiership could throw his playing career into turmoil - and playing here has to be his main priority.
"He'd be wise to get himself qualified and get a bit of experience on the coaching front.