WebMD doesn't state anything about hallucinations:

Side Effects:

Dizziness, lightheadedness, headache, upset stomach, diarrhea, and dry mouth may occur. To minimize the risk of falls, remember to get up slowly when rising from a seated or lying position. If any of these effects persist or worsen, notify your doctor or pharmacist promptly.
This medication may make you sleepy during the day. Tell your doctor if you have daytime drowsiness. Your dose may need to be adjusted.
Remember that your doctor has prescribed this medication because he or she has judged that the benefit to you is greater than the risk of side effects. Many people using this medication do not have serious side effects.
Tell your doctor immediately if any of these unlikely but serious side effects occur: fast/pounding heartbeat, unusual tiredness, mental/mood changes (e.g., new or worsening depression, rare thoughts of suicide, hallucinations, aggressive behavior, anxiety), memory loss, unsteadiness.
Tell your doctor immediately if this rare but very serious side effect occurs: chest pain.
Rarely, after taking this drug, people have gotten out of bed and driven vehicles while not fully awake ("sleep-driving"). People have also sleepwalked, prepared/eaten food, made phone calls, or had sex while not fully awake. Often, these people do not remember these events. If you discover that you have experienced any of these events, tell your doctor immediately.
A very serious allergic reaction to this drug is unlikely, but seek immediate medical attention if it occurs. Symptoms of a serious allergic reaction may include: rash, itching/swelling (especially of the face/tongue/throat), severe dizziness, trouble breathing.
This is not a complete list of possible side effects. If you notice other effects not listed above, contact your doctor or pharmacist.

The sleepwalking aspect of the side effect might mimic hallucinations.

Drugs.com does mention hallucinations in side effects.

So, the answer is... probably.
Source(s):
http://www.webmd.com/drugs/drug-9690-Ambien+Oral.aspx?drugid=9690&drugn...
http://www.drugs.com/ambien.html


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