This is according to the Daily Star, who cite reports in Italy as claiming Hernandez currently tops Milan's list of potential replacements for the outgoing Balotelli, the Italy international who said goodbye to his Rossoneri teammates earlier this afternoon.
Van Gaal keen to sell Hernandez
Hernandez is one of seven players reportedly put up for sale by United boss Louis van Gaal, who is believed to have told the Mexico international that he is not part of his future plans in a face-to-face meeting after the club's pre-season tour of the United States.
The 26-year-old did start Manchester United's opening match of the 2014/15 Premier League campaign against Swansea City last weekend - because Robin van Persie was not ready to play and Danny Welbeck had sustained a minor injury - but was subbed off at half-time following an ineffective performance.
Watch: Hernandez in action
That could prove to be Hernandez's last appearance in a Manchester United shirt, with Van Persie now back in training and ready to play against Sunderland at the Stadium of Light on Sunday.
Hernandez remains a popular figure at Old Trafford, but has become increasingly frustrated with his role as a perennial substitute. The live-wire forward, who joined the Red Devils from Chivas Guadalajara in 2010, made a number of thinly-veiled hints about his unhappiness via social media last season - and his predicament is unlikely to change under Van Gaal.
Hernandez urged to leave Old Trafford
Hernandez's national team coach, Miguel Herrera, has urged the striker to leave Manchester United for his own good - and believes a move to Italy, Juventus and Inter Milan have been strongly linked in recent months, would be hugely beneficial to the player.
"I think [Chicharito] needs to leave. I think [Juventus] would be a good option for him," he told reporters. "When a coach doesn't want you - when you have your best experience, your best moment with them, and now the coach that wanted you is no longer there - it's time to move.
"I think there are a lot of opportunities. They are not bad opportunities.
"If he goes to Juventus that would be an extraordinary team.
"Without a doubt, it would be a nice change for him. Hopefully he'll see more minutes."
As well as Juventus and Inter Milan, La Liga champions Atletico Madrid were also linked with a move for Hernandez earlier this summer. However, speculation has cooled following Atletico's acquisition of Bayern Munich striker Mario Mandzukic.
With 11 days left before the transfer window shuts, the Italian trio's pursuit of Hernandez could go to the wire.