Bojan, 24, joined Stoke from Barcelona in the summer for £1.5 million and, after a somewhat slow start to life at the Britannia Stadium, has started to show elements of the talent which saw him once labelled “the next Messi”.
With four goals in the past 11 games, the likes of the Daily Star have reported this week that Liverpool manager Brendan Rodgers is keen on a move for the Spanish forward, prompting Hughes to issue a hands-off warning.
"He's done exceptionally well. We knew it would take a little bit of time for him to get to grips with the Premier League and he's done that,” the Stoke boss said.
"At this stage of his career that he's had disappointments such as being sent out on loan by Barcelona, the disappointments he had in terms of his game time and maybe how he was treated in certain situations.
"So he's come here and really embraced what we're doing and I think he's enjoying the environment that we can give him.
"I think he's very happy. We have no intention of encouraging any interest in him.
“He's a big part of what we want to do, so it's a non-story."
Given Liverpool’s problems up top this season, with Rickie Lambert, Fabio Borini and Mario Balotelli all failing to impress with Daniel Sturridge out injured, it’s perhaps no surprise that the club continue to be linked to attacking talent in the current window.
However, with Rodgers declaring last week that things would be quiet on the transfer front at Anfield for the rest of the month, it seems that Hughes needn’t be worried about losing his star man.
If he continues to impress over the second half of the season, though, then who knows what the summer will bring.