Hughes has starred for the Rams this season, who are currently on an excellent run of form that has seen them win eight of their last 1o league games.
The 18-year-old playmaker had plenty of admirers before the run, but the interest has intensified in recent weeks.
However, with Derby sitting fourth in the Championship, chief executive Sam Rush has insisted Hughes will be staying put to help their promotion push during the second half of the season.
“Is it right for the player? Has he already maximised his contribution to the club – is there any more he can do for us? And is he at the height of his potential in income you can generate?
“The answer to all three is no.”