The 19-year-old midfielder is widely seen as one of the best talents outside of the Premier League, and has been strongly linked with the Reds over the course of the past few months.
Recent reports have suggested that the Anfield side have a first option deal in place for the teenager, while there have also been suggestions that an official bid may be made in the coming weeks.
But Rush says that selling Hughes is not on the agenda for Derby, and that the playmaker can continue to develop at the club:
“Will is best placed in Derby.” He is quoted by the Sunday People.
“There is a huge amount for him to achieve here and I don’t feel commercially it is the right time for us to entertain any other discussions.
“You look at a variety of factors when you make a decision.
“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’.”
Hughes has also been linked with a host of other top tier sides, including Tottenham, Arsenal and Manchester City.