Atletico's management team are believed to be keen to add a centre-forward to their squad in time for the anticipated departure of Radamel Falcao.
Twenty-six-year-old Falcao has been linked with a host of clubs during the January transfer, including Chelsea, Manchester City and Paris Saint-Germain.
Having considered a number of options, Atletico have identified Mexican international Hernandez as the ideal candidate to replace Falcao, according to the Daily Mail.
Hernandez has seemingly slipped down the pecking order at Old Trafford this season, having made just one start in the Premier League.
The 24-year-old, who joined the Red Devils in 2010, is said to have been valued at around £12m by Atletico.