The 25-year-old Mexico forward has netted 34 goals in 81 Premier League games for the Red Devils since making his debut in August 2010, but 38 of his top-flight appearances have come as a substitute.
Meulensteen told talkSPORT: "Chicharito Hernandez is a fantastic striker. Wherever he pops up he will score goals.
"With Hernandez, having Robin van Persie in that position mean sometimes you will fall short. That's why it's so important that, at the right time, you mix up the combinations and that all these players feel like they contribute to the competitions that you play in.
"If Hernandez comes to an age where he thinks he wants regular football and he can get into another top team in the Premier League, then I can see him considering it, but it's not easy leaving Manchester United."
Hernandez's current contract at Old Trafford is due to expire in June 2016.