The Mexican international looks set to leave Old Trafford this summer, with some rumours suggesting that David Moyes is keen to axe the striker as he plans a radical overhaul of his squad.
Inter are believed to be interested in Chicharito – who could become their second recruit from the Red Devils after Nemanja Vidic’s free transfer to the San Siro was announced recently.
However, United may be keen to take Kovacic in exchange for the deal to go through.
The 19-year-old midfielder only joined the Serie A giants last year from Dinamo Zagreb – where he developed a reputation as one of Croatia’s finest emerging talents.
Inter may be open to such an agreement, with the teenager not a first-team regular under Walter Mazzarri.
Kovacic cost the club around £10m, so it is likely that the cash input in a possible switch would be minimal, with Hernandez valued at a similar level.
The 25-year-old Red Devils star moved to the Theatre of Dreams in 2011 from Chivas Guadalajara, but despite making a big impact in his debut season he has failed to hold down a regular starting berth.