The 27-year-old has long been linked with a move to the Premier League.
“There is a concrete offer from Michael Laudrup,” the player’s representative Bayram Tutumlu told Sky Sports.
“The coach has spoken with Pablo and has explained his new project and that he could be a key man in the side.
“Pablo has always wanted to play in the Premier League.”
Hernandez’s current contract with Valencia is set to expire in the summer of 2014.
Manchester City and Liverpool have also been linked with the winger.
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Chelsea have struggled to build momentum in the opening stages of the campaign and are currently looking over their shoulders at the relegation zone.
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