Derby County chief executive Sam Rush has said that Will Hughes will not be leaving the club during this month's transfer window.
The 18-year-old midfielder has attracted interest from a number of Premier League clubs since breaking into the Rams' first team last season.
"Will is best placed in Derby," the Daily Star quotes Rush as saying. "There is a huge amount for him to achieve here and I don't feel commercially it is the right time for us to entertain any other discussions.
"You look at a variety of factors when you make a decision. Is it right for the player? Has he already maximised his contribution to the club? And is he at the height of his potential in income you can generate?
"The answer to all three is 'no'."
Liverpool and Arsenal are said to be leading the chase for the England Under-21 international.
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