The 20-year-old has three years left to run on the four-year deal he signed when he moved to Carrow Road from Birmingham in 2013.
But Norwich's relegation to the Championship has made them vulnerable to losing some of their star assets.
Redmond, an England Under-21 international, made 31 appearances for Norwich last season, including 27 starts, and played in the Canaries' 1-0 defeat by Wolves on Saturday as the club began their attempt to return to the Premier League.
“There is interest there - he’s a good young player and a player we would like," Hughes told Sky Sports News.
"But he’s not our player, he’s Norwich’s player and they are obviously well within their rights to retain him.
“He’s under contract to them and there is nothing moving at the moment. So we’ll just have to bide our time maybe."