Reds boss Brendan Rodgers is convinced the 18-year-old is destined for a bright future and wants to get him on board as quickly as possible to see off rival interest in the highly-rated Welshman.
It's already been suggested that a deal could be done which would see Hughes loaned back to the Rams for the rest of the season, particularly if the Anfield club, or any other would-be suitor, fails to meet their valuation.
Derby are in no rush to sell their young star and feel he would benefit from at least another season at Pride Park, but clearly the Championship side would find it hard to turn down a decent offer for a player that Rodgers has identified as a long-term successor to Steven Gerrard.
The England Under-21 international, has long been regarded as one of the brightest talents in English football, after making his Rams debut at the age of just 16 and has been watched extensively over the last six months by Liverpool's chief scout Barry Hunter.
Manchester City and Arsenal are also confirmed admirers of the teenager who played 35 times last season for Nigel Clough's team.