The 27-year-old struggled for game time at Manchester United under manager Louis van Gaal last season and was eventually forced to complete a move to the Bundesliga.
Despite his lack of playing time at Old Trafford, Hernandez has caught Arsenal‘s eye after a number of very impressive performances for the German outfit, and now reports claim Liverpool are keen, too.
Reds boss Jurgen Klopp is looking to increase his options up top as Daniel Sturridge is still unavailable through injury, while Christian Benteke is yet to find form.
The Gunners are also keen on the services of the former United striker as manager Arsene Wenger targets another attacker to provide competition for Olivier Giroud and Theo Walcott.
Hernandez has already featured 26 times in all competitions for his side this term, so far scoring 19 goals while providing another two assists.