18-year-old Hughes has been in fine form for the Rams this season, notching three goals and two assists in his first fifteen games.
And with a host of Premier League sides thought to be keen on the England Under-21 star, it is thought the Anfield club are keen to seal a deal sooner rather than later, with defender Andre Wisdom acting as a makeweight.
The Reds would be seeking to capitalise on County’s defensive woes, who despite being unbeaten since the arrival of Steve McLaren, have shipped seven goals in his three games in charge.
With a long defensive injury list, England Under-21 skipper Wisdom could be a welcome addition to the Midlands outfit’s back line, in a deal that would see Hughes make the switch over to Merseyside.
They may face competition for the McLaren’s young starlet, however, with Arsenal and both Manchester clubs also keen to prise the player away from the Championship.