On-loan Ipswich midfielder Jonny Williams has returned to parent club Crystal Palace for treatment on a groin injury.
Rotherham manager Steve Evans has confirmed the potential loan exit of defender Kirk Broadfoot fell through this week.
McKay has scored 18 goals for Inverness so far this season and he has been linked with a move away during the January transfer window.
Burnley, Peterborough and Rotherham are all reported to have shown an interest in the Northern Ireland international, who has 18 months left on his contract.
However, Hughes does not want to lose his leading scorer and stressed that any bids for McKay need to be made within the next week.
"There has been no bid put in to this club for Billy," said Hughes in the Daily Record.
"He is happy here and very popular in the dressing room. I think if that remained the case for another year he would love it.
"If there was a bid to come in and you were going to sell him it would have to be within the next week.
"In that scenario you have to go out and find a replacement. But we don't want to sell Billy.
"He has 18 months left on his contract, I want him to be here next year and he wants to be here. Hopefully that will be the case even after he scores his hat-trick against Aberdeen on Saturday!"