The same report says that Manchester United have also made initial enquiries about the likes of Leicester City's Jamie Vardy and Arsenal's Alexis Sanchez as the Red Devils seek their first January signing.
Arsenal's Alexis Sanchez, who is out of contract in the summer and is expected to join Manchester City, and Leicester City star Jamie Vardy are the other two on the wishlist, with both valued at around £35m.
The Chile worldwide has been widely tipped to join Manchester City, either in the January window or when his contract runs out this summer, but United are reported to have entered the race. He would also be eligible to play for United in the UEFA Champions League.
Jose Mourinho would be open to bolstering his attacking options this month, although a left back remains his priority, and Hernandez and Vardy have emerged as targets on top of Alexis Sanchez, according to the Telegraph.
Hernandez was sold by Manchester United to Bayer Leverkusen back in 2015 when Louis van Gaal was manager at Old Trafford.
The Mexico worldwide scored 59 goals in 158 games, often from the substitutes bench, during four years at Old Trafford and has a scoring rate in all competitions for club and country of a goal every 2.4 matches.
Per Wallace, Hernandez is not wanted at West Ham United, while United manager Jose Mourinho has said previously he would not have allowed him to leave Old Trafford.
While he would probably be keen on a return to United, it would be something of a gamble and there's no guarantee he could recover the form that made him such a hit with the Red Devils.