The 28-year-old is in his fourth season at Lazio, and is regarded as one of the top midfielders in Serie A.
He has struck 33 goals from midfield since his arrival from Sao Paulo, and has attracted plenty of interest from the Premier League, with both Arsenal and Tottenham also understood to have registered an interest in the past.
Liverpool are thought to be monitoring him at present, with Brendan Rodgers in the market for a new midfielder following Lucas Leiva’s latest injury setback.
The Brazilian could miss up to two months of the season with knee ligament damage, while Joe Allen has spent the past year in and out of the treatment room with various problems.
Lazio president Claudio Lotito admits he does not want to lose Hernanes, but admitted he would be forced to consider cashing in if a large offer came in.
“Hernanes has not been put up for sale by Lazio, but if an indecent offer came it would be assessed,” Lotito said.
“His value is recognised at international level – it is not easy to find a player with his qualities.”