David Moyes is said to be a big admirer of the 26-year-old - despite the fact the wideman has struggled for form this season.
Lennon looks set to be allowed to leave the north London club at the end of the season after falling behind the likes of Christian Eriksen, Andros Townsend and Nacer Chadli in the pecking order.
And the former Leeds United man could be given the perfect opportunity to resurrect his career by sealing a move to the Premier League champions.
Reports suggest Moyes is prepared to offer Mexican striker Hernandez in exchange for the Englishman.
Hernandez is no longer seen as an integral member of Manchester United’s squad due to the arrival of Robin van Persie and Juan Mata in recent years.
Lennon would be seen as a ready-made replacement for either Nani, Ashley Young or Antonio Valencia - should either of the aforementioned trio leave Old Trafford at the end of the season.