Pellegrino was only appointed as manager last June, but failed to get any sort of consistency going, and Southampton are now in 17th place in the league, having won only 1 of their last 17 matches.
The 54-year-old has managed Stoke, QPR, Fulham, Man City and Blackburn without ever being relegated from the top-flight, although it's fair to say that after the sleep-inducing football under Claude Puel and Pellegrino, Hughes doesn't represent the most inspiring of appointments.
They are in the FA Cup quarter-finals but have five away games out of their last eight in the league.
Marco Silva was strongly linked, but now I understand that Hughes has already had contact with the club.
Hughes quickly overtook Silva at the top of the market last night, with the Welshman cut to just 4/11, although he's now hovering around the 1/2 mark in the betting.More news: Manchester United fans SLAM Paul Pogba after 'embarassing' cameo against Sevilla
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Southampton are reportedly interested in luring Brendan Rodgers back to the English Premier League.
Southampton face a huge relegation clash in their next league match when they go to West Ham United, who are one place and two points better off in the table.
"Some moments we managed this, some moments we couldn't, but we have been living a hard season for many reasons".
As reported by The Scotsman, Celtic manager Brendan Rodgers' achievements in his first two seasons in Glasgow have lead to some strong interest from Premier League club Southampton.