The 18-year-old is highly regarded by the Rams and is seen as one of England's brightest young talents.
His performances in a white shirt have understandably caught the eye of a number of Premier League sides including Manchester City and Arsenal.
However, it is Brendan Rodgers' Liverpool who look to set to snap up up the youngster, who made his Derby debut as a 16-year-old in November 2011.
Media reports on Thursday suggest the Reds are willing to pay Derby's £10million asking price for the England Under-21 midfielder.
The Anfield club are also willing to loan Hughes back to Derby for the remainder of the season.
Should the youngster sign on at Anfield he would become the club's sixth signing of the summer, following the arrivals of Luis Alberto, Iago Aspas, Simon Mignolet, Aly Cissokho and Kolo Toure.