Talks were set to continue today between the club and former Manchester City, Wales and Fulham boss Hughes, who is QPR's first choice to replace the sacked Neil Warnock.
Hughes is in line to take charge of the team for the first time against Newcastle on Sunday. Fernandes, responding to an enquiry on Twitter, wrote: "Yes I am sure we will be announcing new QPR manager today."
Hughes and his advisor Kia Joorabchian opened talks with the Barclays Premier League club on Monday, and the Welshman said he was seeking confirmation that the club shared his ambitions.
Hughes told Sky Sports News last night: "I am pleased with how it's gone but nothing is confirmed yet. We still have a lot to discuss but it went really well. There's a will to get to where we both feel comfortable with what's ahead.
"I have to be clear in my mind that this is the right decision for me and QPR have to be confident in their own mind. One factor that concerns me is that I am an ambitious manager and have to make sure the club meets those ambitions."
QPR have moved quickly to replace Warnock after a worrying run of eight Premier League games without a win which has left them in 17th place, just one point above the relegation zone.
QPR chief executive Philip Beard confirmed that Warnock's replacement will be given funds in the transfer window.
Beard said: "The reality is there are some funds there and we've got to make the right purchases.
"It's a tricky month to try and make things happen. But our appetite is to bring one or two players in, if we can, to strengthen the squad and the new manager will be part of that as soon as we can identify him."
Source: PA
Source: PA