Hughes was dismissed as the QPR boss in November 2012 after just 10 months in charge of the London club.
When the former Wales international was fired, Rangers were at the bottom of the Premier League table.
Former West Ham United and Tottenham Hotspur manager Harry Redknapp subsequently took charge of Rangers, but he failed to prevent the club from getting promoted to the Championship at the end of the 2012-13 campaign.
However, Rangers bounced straight back into the Premier League, although at the end of the 2014-15 campaign they went back down to the second tier of English football.
Taarabt, who left QPR for Portuguese giants Benfica earlier this summer, has told The Sun that the London club should have stuck with former Manchester United, Southampton and Everton forward Hughes.
“The biggest mistake QPR made was to sack Hughes,” the 26-year-old Morocco international told The Sun. “I have never worked for a manager at the club as professional as him.
“Every day he was professional. His sessions were amazing and he had respect from every player. You can see the job he has done at Stoke. QPR didn’t give him the time and they paid for it.”
Taarabt has also predicted a dark and gloomy future for Rangers, saying: “The club will be in trouble. It was a disaster.”
The upcoming 2015-16 campaign will be crucial for the long-term success of QPR. If they fail to get promoted back to the Premier League, then they will be in trouble.
The Championship is a hugely tough and competitive league, and Rangers could get stuck in there for years if they do not bounce straight back.
The likes of Nottingham Forest, Leeds United and Derby County have been playing in the Championship for years, and there is a chance that QPR could get stuck in the second tier of English football like them.