The 23-year-old is currently plying his trade for Serie B outfit Palermo after failing to engineer a move away from the relegated club this summer.
Roma have been chasing a deal for the versatile forward for much of the summer but Palermo remain determined to keep the striker, who joined the club along with international teammate Edinson Cavani in 2009.
Gunners boss Arsene Wenger is desperate to strengthen in attack before the transfer window closes tonight, particularly with Lukas Podolski now sidelined for at least eight weeks.
Wenger has added Hernandez to a shortlist of potential late additions to his squad which also includes Mesut Ozil, Julian Draxler and Demba Ba, according to The Telegraph.
Palermo's Italy international goalkeeper Emiliano Viviano has also been linked with a late move to the Emirates Stadium, with Arsneal reportedly offering the goalkeeper a season-long loan deal.