Despite only turning 18 last April, Hughes is already an established first-team player at Pride Park, having started 36 Championship matches for the Rams.
He has three years remaining on his contract, but Derby could be prepared to sell him for a fee in the region of £6m.
According to The Mirror, Liverpool are keen to tie up a deal to sign Hughes this summer, although the Reds would be willing to allow the player to stay with Derby on a season-long loan.
Gerrard, who has spent his entire career at Anfield, has made 441 league appearances for the Reds.
The 33-year-old's current deal is due to expire in June 2015.