Semenyo, 25, has been in excellent form for Bournemouth, scoring six goals and providing three assists in his seven Premier League appearances so far.
Bournemouth values Semenyo's services highly and is reportedly seeking a transfer fee of £75 million to deter interest from other Premier League clubs.
According to reports, Hughes is not deterred by the price tag, as he previously played a key role in signing Semenyo while at Bournemouth.
Semenyo was previously linked with other clubs, including Tottenham and Manchester United, but ultimately signed a new deal with Bournemouth in the summer.