56-year old Hughes has left his position after guiding the Staggies to survival in the Scottish Premiership, having been appointed on a fixed-term contract until the end of the season midway through the last campaign.
The former Celtic defender spent three years as a Falkirk players from 2002-2005, his second spell in between stints with Hibs and Ayr United as well as the Glasgow giants, before making the move in to the dugout with his appointment as co-manager alongside Owen Coyle.
Hughes was eventually left in sole charge of the club and would guide them to promotion to the SPL in 2005 and to the 2009 Scottish Cup final during a successful seven years in charge.
62-year old Duffy had been in charge of Falkirk’s League 1 rivals Dumbarton since 2018.
One of the SPFL’s most experienced managers, Duffy also began his career in the dugout with the Bairns in 1988, becoming the youngest manager in Britain at the time when he did so.
He leaves the Sons having ensured their survival in the third tier, beating Edinburgh City in the play-offs last week.
During his managerial career he has also taken charge of Dundee, Hibs, Brechin City, Greenock Morton and Clyde but was forced to take a sabbatical from football last year after suffering a heart attack in June.
Both Ross County and Dumbarton have now began the search for new managers, a process Falkirk are deep in to as they come to the end of the formal interview process.