Heard it on Radio 5 on the way home and they had Pat Murphy on. According to him, Hughes has a day 'window' in which to inform Fulham that he was going elsewhere. This was a contractual agreement and that window was yesterday, so as of today Hughes is the Fulham manager and we would have to approach them and pay compo in order to get him.
Murphy also suggests that Moyes may be a target since Lerner is attracted by him being able to work on a shoestring, although again, Everton will want money off us if Moyes wants to leave. He thinks Ancelotti will want too much money and informs us that his tip is Steve McLaren. He's available now, he has extensive European contacts (apparently) and is eager to prove himself.
In mu opinion we should not be looking at Steve McLaren to steady the ship. He has a stigma over here and if he wants to rebuild his reputation in England, I don't want us to be the guinea pig.
God knows what will happen. Lets hope its over quickly, for better or worse.