City were beaten 2-1 by Tottenham at White Hart Lane on Saturday to end their hopes of playing in the Europa League next season.
The lack of European competition could affect their ambitious transfer plans.
The club has already been linked with Chelsea's Didier Drogba, Barcelona's Samuel Eto'o, Real Madrid's Raul and AC Milan's Ronaldinho in recent weeks.
But Hughes remains upbeat.
"There has been too much speculation about players and my future," he added.
"It has made my job more difficult than it already is. I would like to think speculation about my future will be at a lesser level because it has been unhelpful."
Chairman Al Mubarak admits the rumours about the future of Hughes have been an unwelcome distraction.
There has been incredible and unnecessary pressure put on Mark from outside the club, especially from the media, but I recognise that it comes with the game and with football
City chairman Khaldoon Al Mubarak
"I have been surprised at all the speculation, because I have always been consistent with everyone on the subject of the manager," he said.
"Every time I have spoken, I have said the we have the highest confidence in Mark, and I would like to re-iterate that now. Mark will be our manager next season - nothing has changed.
"It has been a difficult season with all the rumours about Mark's future and the number of players that we have been linked with.
"There has been incredible and unnecessary pressure put on Mark from outside the club, especially from the media, but I recognise that it comes with the game and with football."
Al Mubarak added that the club had made good progress in the last 12 months.
"From my perspective, I think we have come a long way, and I am very much looking to a big finish to the season next week against Bolton," he said.
"When you consider how things have gone since January, I think we have accomplished things and now we can start focusing on next season.
"For once this club can have a pre-season. This is a club that has had ten managers in 15 years - it is hard to believe we have ever had a real pre-season.
"So this time we will have that, and we will do so with a year's experiences behind us. That will make us stronger. I think next year is going to be better than this one. The club has a lot more stability."
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