And Hotline understands the Rams will insist on a season-long loan back being part of any deal if
Reds boss Brendan Rogers does meet their valuation.
Hughes, 18, is a huge talent and Derby are confident his value will go up even more this season.
The England prospect has previously been touted as a long-term successor to Liverpool captain Steven Gerrard.
But Derby are keen to keep hold of the star for another season as Nigel Clough looks to push the club further up the Championship table.