The news comes as Juventus are reported to be preparing a £10million bid for the player, who Sir Bobby sees as a key figure in his plans for next season.
He told the Evening Chronicle: "An agent rang me up on Thursday and asked if I would let Hugo go out on loan next season. I was so shocked that I could hardly speak. And I hardly dare tell the chairman.
"I said `What? Are you telling me you want me to ask my chairman to let a marvellous player who cost him £8 million to go out on loan?' Has the world gone mad?
"It just goes to show how bad things are in the transfer market."