That’s the word, according to Dave Meltzer:
According to a UFC official, if Serra is out for a long period of time and Hughes agrees to fight on Dec. 29, the two most likely candidates to for an opponent would be Jon Fitch or Thiago Alves. Josh Koscheck and Diego Sanchez are both coming off losses, and Sanchez has talked about cutting to 155.
A lot of unknowns have to happen here, so don’t expect anything to come of it. If Serra is out for a long period of time, I still don’t expect Hughes to fight on the December 29th card. Why would he risk his title shot?
Alves just fought a week ago, so I see Fitch being the most likely guy here if Hughes does, for some odd reason, decide to fight. Hughes vs. Fitch would be a very interesting matchup: old school vs. new school.