The midfielder has reportedly rejected a new deal at Derby County.
It is claimed that Hughes was left unimpressed by the club's offer, which would see him pocket less than high-earning Rams teammates like Bradley Johnson, who is said to be on almost £30,000 a week.
With more than 18 months to run on his existing deal, the Derby academy product is reportedly prepared to wait for a better offer to materialise.
And, according to the Mirror, the Championship side are likely to return in the New Year with revised terms, however, they are said to be reluctant to smash their current wage structure.
Derby chairman Mel Morris
Hughes has long been linked with a move to the Premier League and it is claimed the development has put top flight sides on alert.
Derby reportedly value Hughes, who progressed through the club's academy, at £15 million. However, his price tag is likely to decrease rapidly as he enters the final year-and-a-half of his deal.
Hughes has played 19 times for the Rams this season, contributing three assists for Steve McClaren's side.