Reports have suggested Arsenal boss Arsene Wenger is preparing a bid for Pedersen.
Hughes said: “He isn’t going anywhere and particularly not for £8m considering the price of players now.”
Blackburn will face Arsenal on Sunday.
Sparky added: “We’ve heard nothing from Arsenal and, in the week leading up to the game, possibly someone has been a little bit naughty.
“It isn’t based on any fact. We’re not interested in selling Pedersen.”
