Hughes was brought to Brunton Park in February after Mike Williamson was sacked, with Carlisle five points from safety and 18 games remaining.
But the Welshman was unable to pull them out of trouble with their best run of form – 10 points from four games – arriving when it was almost too late.
While disappointed he could not do what he was brought in for, Hughes, 61, says he has enjoyed his time in Cumbria and is open to dropping down into the fifth tier.
“It’s been difficult and we and I haven’t achieved what we set out to do,” he added.
“But I’ve really enjoyed my time here. I’ve had a fantastic welcome from everyone in Carlisle.
“That part of it I’ve really enjoyed and just being on the touchline and having the opportunity to manage a team through difficult games and difficult circumstances, that’s what gets me doing.
“That’s what I miss when I’m out of the game.”
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