Hernandez left Real Madrid in the summer of 2019 to join Milan for around €20m and he has since established himself and an integral first-team player at San Siro.
The 27-year-old has made a total of 230 appearances for the Rossoneri across all competitions, recording 31 goals and 41 assists as a left-back, and won the Serie A title in the 2021-22 campaign.
Hernandez has played 17 times in all tournaments for Milan so far this term, but he has struggled to show his best form for Paulo Fonseca's side, who are currently down in seventh place in the Serie A standings and are 14 points behind leaders Atalanta BC.
The France international's agent recently revealed that contract negotiations with Milan have stalled, with the left-back's current deal due to expire in June 2026.
Uncertainty over Hernandez's long-term future at San Siro has subsequently led to speculation over a possible big-money exit, with a number of top European clubs believed to be interested in his services, despite his dip in form this season.
Milan set asking price for in-demand Hernandez
Manchester City, Paris Saint-Germain and Bayern Munich are reportedly all 'closely monitoring' Hernandez's situation at Milan, while Chelsea and Juventus have also been credited with an interest.
A potential return to Real Madrid has been mooted for Hernandez, who has also been identified by Man United as an alternative left-back target to Alphonso Davies.
While Real Madrid are thought to be open to recruiting a new left-back to provide competition for injury-prone Ferland Mendy, Man United are reportedly working to sign a new left-sided defender in January following the arrival of new head coach Ruben Amorim.
If Man United, Real Madrid or any other interested suitors wish to prise Hernandez away from Milan, then they must pay at least €50m (£41.3m) for the Frenchman, according to Calciomercato.
The report adds that Milan will not consider selling Hernandez for anything less than their current valuation, which is understood to have dropped from around €80m (£66m) since last summer.
It remains unknown as to whether Hernandez would be keen to join any of the clubs allegedly interested in his services, but he is believed to be content at Milan and a contract extension cannot be ruled out just yet.
Written by
Oliver Thomas