The midfielder has been linked with a move to Anfield during the January transfer window.
The Rams chief executive Sam Rush told The Telegraph: "The Andre Wisdom deal was very much as a result of Liverpool's desire for him to come to Derby and further his football education.
"Andre was the top of Steve McClaren's list of people he wanted to bring in to strengthen the squad. So no, there is no connection with Will Hughes at all.
"There has been no further movement in terms of Will. From our point of view, we are just looking forward to watching him continue to play for Derby County."
The 18-year-old has made four appearances for the England Under-21s.