As revealed by HITC Sport earlier this week, Derby made a bid for Butterfield as they looked to bolster their midfield options following injuries to Will Hughes and Craig Bryson.
Butterfield impressed at Huddersfield last season after joining the club as part of the swap deal that took Adam Clayton to Middlesbrough.
The 25-year-old made 49 appearances in all competitions last season and was named as the club's Player of the Year following his successful debut campaign.
Huddersfield are determined to fend off Derby's interest with manager Chris Powell confident he keep hold of the player when the transfer the window closes.
"Jacob is a key player for this football club. Nobody wants to move Jacob away," Powell said in his pre-match press conference ahead of Tuesday's game with Brighton, as reported on the club's official website.
"I know the chairman is adamant he doesn't want him leaving, like all of us here. I'm sure people are looking at the rumours, but I'm positive this won't happen. He is integral to our plans."
Huddersfield have placed a £5m price-tag on Butterfield as they look to scare off Derby making a second bid for the player.