Surely it is going to be Hiddink. He would have ruled himself out by now if it wasn't.
Not sure about Hughes, I think he has done well at 'lesser' clubs but didn't get a lot out of City having spent a small fortune. I know he is an ex blue and would seem a much more sensible option than say zola but wouldn't coyle or moyes be better options if we are going for a British manager (which we wont). They have done some great things with their clubs given the resources and coyle's teams particularly play some good stuff.