The 48-year-old QPR boss was in charge at Fulham when the Uruguayan striker produced a devastating display to inspire Liverpool to a 5-2 victory at Craven Cottage last May.
“He’s a very cultured player and he’s a great catalyst for Liverpool’s attacking play,” said Hughes.
“If he does play we will have to be wary of that. We’ll highlight obviously his strengths and other elements to his game that we will have to be really careful about.
“If we do that, hopefully it will be enough and [hopefully] we can produce a good defensive performance that doesn’t allow him to have an impact on the game.”
Liverpool make the trip to London fresh from their 2-1 win over Stoke City in the FA Cup quarter-final at Anfield on Sunday.
However, Hughes believes QPR can cause an upset against the Reds, providing his side replicate the performance which earned them a point against Everton in their last outing at Loftus Road.
“Liverpool did well against a Stoke City side that caused them a few problems but they eventually got the job done,” added Hughes.
“We know they’re a very accomplished side with a lot of talent within their group.
“We did well against Everton in our last game at Loftus Road. We deserved to win that game, so a similar performance with a little bit more luck should be enough on Wednesday.”
Hughes understands the demands of securing fourth spot after his reign at Manchester City was cut short due to sluggish start to the club’s pursuit of Champions League football in 2009.
And despite Arsenal’s 10-point lead over Liverpool, Hughes expects Kenny Dalglish’s side to battle hard until the end of the season.
“It may be difficult for Liverpool to reach the top four,” Hughes continued.
“But they’ll give it a good go because there are demands on the club to be successful and they have a huge European pedigree that they obviously want to maintain and be part of.”
He added: “Their drive and their ambition will always be there. The supporters and everything that surrounds Liverpool demands Champions League football.”
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