Hughes snapped up the 25-year-old striker in a £4m deal from Newcastle United at the end of last week following months of uncertainy over the Welsh international's future, evidence that Hughes believes his side are capable of grabbing a UEFA Cup place.
The Ewood Park boss said: "Hopefully at the end of the year, we can.
"That's the measure of our ambition, we want to get into Europe this year, and I think with a player of Craig's undoubted ability we have an opportunity to do that now.
"It's a notice of intent, we're not going to stand still, we're going to keep pushing the club forward.
"It's certainly my intention to try and make Blackburn Rovers the best they can be.
"We need to attract players of the quality of Craig Bellamy and we've been able to do it and I think that has sent a message to everybody.
"Maybe in the past we have kept expectations low, and maybe that's easier when you're in a position as a manager because then you can over-achieve, but I think it's time to extend ourselves and raise expectations and get people excited by what's happening here."