The 17-year-old has been linked with a host of top clubs and the Dutchman claims that as many as 10 Premier League sides are interested in the midfielder.
Hughes' exploits in the Championship, where he has made 23 appearances so far this season for the Rams, have earned him a call-up to the England Under-21s side.
"Believe me, there is probably 10 clubs in the Barclays Premier League having a look at him," Jol told reporters.
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The Dutchman is hoping to strengthen a squad that was depleted in midfield in the summer transfer window after the departures of Mousa Dembele and Clint Dempsey, who both left to join Tottenham.
The Cottagers could be left short in the middle of the park when Mali international Mahamadou Diarra leaves for the Africa Cup of Nations in January, though Jol has ruled out a move for reported target McDonald Mariga of Inter.
"He is an interesting player but I have to be honest and say we're not looking at him," the Cottagers boss added. "We did a couple of years ago."