The 18-year-old has seen his stock rise a great deal over the last year or so and Liverpool were the first high-profile club to show interest in his services.
The Reds have had the player watched over the last few weeks, with a view of luring him to Anfield in the January transfer window.
However, Daily Express has suggested that local rivals Everton have also joined the race for the highly rated footballer.
Derby County manager Nigel Clough earlier revealed that it would take more than £6 million to prize Hughes away from Pride Park.
Will Hughes, who came through the youth ranks at Derby County, has already established himself as a first team regular at the club, making 45 Championsship appearances for the Rams and scoring 2 goals in the process.