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.
Jurgen Klopp has no doubt Liverpool belong in the Champions League quarter-finals after confirming their progress with a goalless draw against Porto.
Real Madrid boss Zinedine Zidane believes their season is recovering as the defending champions cruised into the Champions League quarter-finals.
Birmingham manager Garry Monk is optimistic about his new club's future despite their sixth successive home defeat in the Championship.
Reading manager Jaap Stam defended his decision to give 17-year-old centre-back Tom Holmes his senior debut in the Sky Bet Championship draw against Bolton.
Alex Neil praised Sean Maguire after he turned match-winner Preston once again in their 2-1 victory over 10-man Bristol City at Deepdale.