Hughes is currently a +280 underdog.
The battle of old school vs. new takes place at the UFC 135: "Jones vs. Rampage" pay-per-view event on Sept. 24 from the Pepsi Center in Denver, Colorado.
Is this fight closer than the bookies would have you believe?
After Thiago Alves booted him from the 170-pound title hunt back in 2008, Hughes managed to string together three consecutive wins before B.J. Penn pasted him at the 21-second mark of their rubber match at the UFC 123: "Rampage vs. Machida" event last November.
Hughes, who turns 38 in October, has been enjoying some downtime after a busy 2010 fight campaign that saw the flinty farmboy compile a 2-1 record with wins over Renzo Gracie (UFC 112) and Ricardo Almeida (UFC 117) before the aforementioned drubbing in his Hawaiian trilogy.
Can a bout against Koscheck push him back over the hump? Or just over the hill?
"Kos" hasn't been seen since an absolute drubbing he suffered at the hands of welterweight champion Georges St. Pierre back in Dec. 2010.
The standout wrestler-turned-striker got jabbed to death and left Canada with a broken orbital that required surgery and months of long and hard rehabilitation.
But he's back now and he's finally got that match-up against Hughes, one he's been wanting since 2009. Time to put up or shut up.
UFC 135: "Jones vs. Rampage" will feature the first title defense of light heavyweight champion Jon Jones, as he puts his 205-pound strap on the line against former titleholder Quinton Jackson.
For the current UFC 135 fight card and line-up click here.