Hughton's side currently sit just one point - and two places - above the Premeir League drop-zone after collecting two points from their last four games and scoring only once.
But McNally believes the Norwich manager can turn the current situation around after he led the Canaries to an 11th-placed finish in his first season in charge at Carrow Road.
David McNally: "We finished 11th last season and we had some luck good and some bad but you tend to finish in the position you deserve.
"No one has ever done that to the level he did with the smallest payroll in the division and with the scale of the debt repayments that we had to make last year.
"That was an astonishing achievement. His track record is there for all to see.
"Clearly this year results have not been good enough and they need to improve, but everyone can see the players and the management are together and there is a real spirit around the group.
"They are playing for each other. The odd suggestion that he has lost the dressing room is a complete myth.
"Chris is the first to accept the buck stops with him. He has been told in no uncertain terms to get us out of the current position and get our club moving up the football table and quickly.
"Right across the board from (joint majority shareholder) Delia (Smith) and everybody else we are as disappointed as those supporters. As far as giving any certainty in terms of Chris and his position here all I would say is it is a results business - whether that is Chris Hughton, myself as the chief executive or anyone else.
"We are paid to do our jobs. For as long as we achieve what is required of us we will stay in work. It would be wrong at any level to give any further guarantees. We would be delinquent almost to do that."
PARDEW ARTICLE LAST FRIDAY:-
Alan Pardew, the second-longest serving manager in the Premier League, hit the 150-match milestone in charge of Newcastle last night. But odds on him getting the sack dropped alarmingly.
His side entertained Tottenham at St James’ Park. However, and it was far from a celebratory occasion as he watched in despair as a rampant Spurs outfit ripped apart his confidence-depleted troops.
In fact, the 4-0 scoreline flattered the hosts, whose season dwindled away to nothing back in January with FA Cup defeat to Cardiff.
The Toon have been plagued by inconsistency so far this campaign.
The humiliating defeat to Spurs was the club’s third on the bounce, while they have now lost seven of their last nine games in all competitions.
As a result Pardew can now be found as low as 5/2 (Ladbrokes) in the Premier League Sack Race, second favourite along with Chris Hughton.
The players’ motivation and desire have subsequently been thrust into the spotlight.
The Magpies are currently marooned in mid-table (9th) - but the stumbling block (apart from results) is that Pardew says he doesn't want a Europa League spot!
He claims his team is still feeling the damage after LAST season.
It is probably just as well he isn't at Man Utd, Man City, Arsenal or Chelsea, who are still involved in Europe this season.
As a result this makes Pardew’s job very difficult as the under-fire boss has to motivate a squad that has nothing to play for.
The Toon now have another break, as they are no longer involved in the FA Cup, but they haven't got back on track after the LAST break - when they went to the sun.
They haven't won since!
And Pardew's odds for the sack have dropped from 9/1 to 5/2 overnight!
THE ODDS - NEXT TO BE SACKED
Rene Meulensteen 5/4
Alan Pardew 5/2
Chris Hughton 5/2
Garry Monk 13/2
Paul Lambert 10/1
David Moyes 14/1
Sam Allardyce 25/1
Mauricio Pochettino 28/1
Pepe Mel28/1
Tim Sherwood33/1