The Derby Telegraph says no offer has been received for the player from any club.
When asked about the Hughes' speculation, Rams first team coach Paul Simpson said: "Listen, we have got good football players and so there is always going to be speculation.
"We all know Will Hughes is a good player. I thought in the little spell he had for England under-21s against Finland last Thursday he looked excellent. I don't think he gave the ball away.
"It is crazy where these stories come from but it's the nature of the game.
"We want to keep our best players if we possibly can.
"If a day does come when somebody starts talking in telephone numbers about our players I am sure the powers that be will make that decision. At the moment, I think Will Hughes is in a good place."
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