It has been reported this week that the Reds are close to signing the 18-year-old, speculating that bids of £6million and £10million have been lodged for the England Under-21 international.
Hughes certainly caught the eye last season as he broke into the Derby first team, with Manchester United, Manchester City, Chelsea, Arsenal, Liverpool and even Barcelona sending scouts to Pride Park to watch the Rams academy product.
But Clough insists no offer has been made by Liverpool, or any club, for Hughes and he expects the talented youngster to still be his player when the transfer window closes on September 2.
"There's obviously speculation about Will Hughes flying around but we have had no bids or contact from anyone. Nothing has changed," former Liverpool striker Clough told reporters ahead of Derby's Sky Bet Championship trip to Yeovil on Saturday.
"I cannot predict what is going to happen but I do not see it changing. I think it will be pretty much as we are when the window closes, unless there is somebody sitting there with an awful lot of money burning a hole in their pocket.
"If somebody comes in through the front door and makes an official enquiry or bid, we will have to react to it. But we are not in a situation where we have to do anything, which is lovely."
When asked about the £6million figure reported on Wednesday, Clough laughed and then said: "Nobody knows what we want or what the fee is going to be because we have not got a specific valuation in mind.
"Would it be more than £6million? Yes, I think it is fair to say that. We just think it is going to be a very, very substantial figure to tempt him away."
Hughes has long been regarded as one of the brightest emerging talents in English football. He made his Championship debut for Derby at the age of 16 and was a regular in the side last season, making 38 appearances, including 36 starts. He would have played more games but for a groin injury that kept him out for two months.
The teenager has started the Rams' three league matches this season and played for England Under-21s against Scotland last week and impressed once again.