Mediaset reports that the Gunners are keen to bring in Hernandez before the transfer window closes.
Hernandez has stated that he is keen to leave Palermo.
"The club and the Coach told me that I could leave if the right offer was made and I think that has now arrived," the striker told calciomercato.it.
"They know what I want and they know what they promised me."
"I donít want to lose the chance of playing at the World Cup next summer," added the centre-forward.
"I think playing in Serie A is beautiful, but the desire to be at World Cup 2014 is what has pushed me to ask for a transfer."