"I was informed after the match against Sunderland that my contract was being terminated with immediate effect," Hughes said
"Notwithstanding media coverage to the contrary, I was given no forewarning as to the club's decision.
"Given the speed with which my successor's appointment was announced, it would appear that the club had made its decision some considerable time ago.
Hughes added: 'I am extremely disappointed not to have been given the opportunity to see through my plans at the club.
"At the beginning of the season I sat down with the owners and it was agreed that a realistic target for the season would be sixth place in the Premier League, or in the region of 70 points. All of this was communicated to the players and we all knew where we stood.
"Whilst everyone at the club would obviously have wanted to see more wins, we were absolutely on target at the time of my dismissal.
"I am very proud of the fact that I steered the club through the most significant period of change in its history.
"I have always been aware of the responsibility that comes with being afforded the luxury of a significant transfer budget, and I was grateful that the club supported me with significant investment in players.
"I very much regret, however, that I will not now be able to enjoy the success that would undoubtedly have followed. I believe that I have handled with dignity the recent pressure placed upon me by press speculation.
"I would like to thank the fans for their support throughout my time at the club and I wish the club every success in the future, particularly in relation to the forthcoming Carling Cup semi-final, the club's first semi-final for 28 years."