The 27-year-old has suffered a injury-strewn season, but having since regained full fitness, has gone on to score five times in seven games for the 'Tigers'.
Hernandez joined Hull from Serie A side Palermo in 2014 after five years with the Italian side and will be a free agent this summer.
Since joining the Championship outfit, the Uruguay international has made 99 appearances for the club and notched 36 goals, sparking interest from clubs including Newcastle.
Newcastle manager Rafael Benitez has reportedly cautioned owner Mike Ashley that the squad needs strengthening before their luck runs out and Hernandez could be one of those options.