The Bosnian was linked with Real last week.
Hughes told ESPN: 'I'm not sure where the story originates from, but certainly there has been no contact between the clubs.
"But it wouldn't surprise me if there was a modicum of truth in it -- that top teams are looking at Asmir -- because he is an outstanding goalkeeper.
"We are certainly not encouraging it. Asmir is a huge part of what we are trying to do here."
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