This is according to reports from Spain brought to our attention by the Daily Express, which suggest that Red Devils boss Louis van Gaal has no intention of bringing the Mexican striker - who has been linked with Bayern Munich among others - back to Old Trafford despite the player himself still holding out hope that he can succeed in English football.
Hernandez has been a notably popular figure among Manchester United fans ever since moving to the Premier League from Guadalajara in 2010, yet his influence has certainly been on the decline in recent seasons.
Unable to shake his reputation as a useful impact substitute - a tag that seemed to cause him great distress - the energetic 26-year-old made just 24 Premier League appearances during a troubled 2013/14 campaign under David Moyes, only six of which were starts.
Indeed, last season was the only one in which Hernandez - who earns approximately £90,000-per-week at Old Trafford - has failed to hit double figures for Manchester United, his measly tally of four goals indicative of a striker utterly devoid of confidence and crucial self-belief.
Hernandez's lack of form and obvious frustration at his bit bit-part role at Manchester United made his summer move to Real Madrid all the more surprising. While the Spanish giants were evidently in need of an out-and-out striker to provide adequate competition for first-choice frontman Karim Benzema in the aftermath of Alvaro Morata's departure to Juventus, the general presumption was that he would not be content to join another club where he would not be regarded as an automatic starter.
As expected, Hernandez - who no longer appears to be a pivotal figure for his country either - is yet to start a La Liga match for Real Madrid. He has impressed from the bench, however, netting twice in three substitute showings under Carlo Ancelotti.
While it is not clear at this stage if Real plan to turn the forward's loan into a permanent arrangement, there will presumably no shortage of interest in his signature from a host of European rivals if they decide to purse other options.
Manchester United would be unlikely to rue Hernandez's exit in the event that he does leave on a full-time basis, particularly if Colombian international Radamel Falcao is signed permanently following his own loan stint.