Hughton said in the summer he was "not interested" in the 35-year-old.
Mike Ashley, however, was a "massive fan" of Campbell during his Spurs days when Ashley followed Tottenham.
Campbell is in a legal battle with his former club, who he claims are withholding his registration after he walked out of a five-year contract within weeks of signing it.
Hughton: "It's one that I wouldn't rule out.
"He's a player who will go somewhere at some stage, and he will get a lot of offers.
"But we won't rule him out of coming here.
"I don't expect him to go anywhere at the moment, but he will be playing somewhere. I don't expect that to be until after Christmas."