As far as I'm aware, there are no bookies doing odds on who is the favourites to sign Hughes. If there were, I'm almost 100% sure Liverpool would be the favourites. The strong favourites.
 
The first reason is that Hughes is a massive Liverpool fan. The second reason is that Liverpool seem to have shown the most keenness in Hughes. There was a lot of speculation that Andre Wisdom's loan deal to Derby from Liverpool was used as a sweetener in any potential deal, but this has been strongly denied by Derby.

Arsene Wenger's preference to youngsters is well known. Hughes would suit Arsenal's style of play, Wenger has probably the best record of developing youngsters in the Premier League. The move to the Emirates would mean that Hughes would be a part of an increasingly English Arsenal side that already has Walcott, Wilshere, Gibbs, Oxlade-Chamberlain and Jenkinson.

Arsenal, also, reportedly have a very large budget for the upcoming transfer window, so Hughes is by no means out of reach financially. The problems with this deal would be that Arsenal's midfield is highly competitive at the moment and it would seem that game time would be at a minimum. 

The positives and negatives of this deal happening are similar to Arsenal's. Spurs' summer spending has meant that the team is highly competitive in certain areas and only Townsend, Walker, Rose and Naughton are the only English youngsters that have recently been developed by Tottenham.

Spurs have also got good links with Derby, with Adam Smith and Simon Dawkins both currently spending loan spells at Pride Park. As mentioned before, Spurs spent a lot of money in the summer. The question remains: how much of it is still available and will they be willing to spend it on a youngster?

Not sure about this. Manchester United have quite a mixed record when it comes to developing. Phil Jones and Chris Smalling are getting a good amount of game time and look to be progressing well. On the other hand, players like Wilfried Zaha have been almost frozen out, playing just one game this season in the Capital One Cup.

One thing that I cannot ignore for some reason is the Paul Scholes effect. I see a lot of comparisons between the two and with Scholes still at United as a coach, who better to turn Hughes into the new Paul Scholes than Scholes himself? There is the small worry about United's form in the league so far. David Moyes could face immense pressure to spend in January if United are in a similar position to what they are now, and by spend, I mean on a proven world class player, not a youngster.

Potentially a dark horse here. Hughes would suit Martinez's style of play, would join a young side and would likely get a lot more game time than if he were to go to any of the other teams in this list. The Toffees have been linked with Hughes and have sent scouts to look at him.

Two problems would be that as aforementioned, Hughes is a Liverpool fan, and money. Everton did spend a good amount in the summer and I'm unsure to how much they will have available. 

Chelsea don't usually look to the football league for youngsters. The youngest Englishman to have played for Chelsea this season is Ryan Bertrand (24). With most of their youngsters going out on loan, not many have broken into the first team. Money of course is not really a problem, but I doubt this would happen.

Of course money is no object for City, but I really can't see this happening. City's recent record with English players has been highly publicised, with Scott Sinclair and Adam Johnson spending more time warming up than playing. City are more known for buying proven class than potential class, and with City also having a highly competitive midfield, I'd have thought Hughes would prefer an alternative to that of City.

Hughes was linked with the Spanish giants last year, causing Derby fans to suddenly realise how highly rated he is. Apart from that, not much else has really been heard. It could have be paper talk with not much truth behind it and I think that is exactly what it was. He'd fit the style of play and Barca give youngsters a chance, but I'd be incredibly shocked if I heard about the Catalan giants preparing a bid. Is Hughes good enough to play for Barcelona? Perhaps.