The La Liga club are prepared to sanction a £15m bid to sign the Old Trafford fontman, amid speculation that Falcao and Adrian could be off at the end of the season.
Falcao has been linked with Chelsea, Manchester City and Paris St Germain, while Adrian is reportedly a target for Arsenal.
The Atletico duo have fired Diego Simeone's club to second place in the La Liga table, 11 points behind league leaders Barcelona, but seven points ahead of city rivals Real Madrid.
The report claims Simeone is ready to accept that both his strikers are likely to quit the club, with Adrian likely to move first. Arsenal are reportedly prepared to go back in for the Spain international this month, with a bid close to the striker's £14.7m release clause.
United are thought to be unwilling to let Hernandez leave in January, but the report suggests the Old Trafford hierarchy are open to the idea of selling the Mexican international at the end of the season - if they can sign Borussia Dortmund striker Robert Lewandowski.
Hernandez signed a new five-year contract with United in October 2011, but with Robin Van Persie, Wayne Rooney and Danny Welbeck ahead of him in the Old Trafford pecking order, his first-team opportunities have been limited.
Atletico Madrid are believed to be keen to offer Hernandez a starting role in their team, and the club thinks it can convince the Mexican to move to Spain by making him the focal point of a new look strike force.
But, any move depends on the future of Radamel Falcao. The report claims Chelsea lead the chase for the Colombian sensation, and are considering triggering the forward's £48m release clause.
Talks between Chelsea and Atletico, and the player's agents, have reportedly been underway for the past few months, as they work towards a possible summer transfer.