The 27-year-old is set to replace Scott Sinclair, who is set to join Manchester City.
Hernandez played under Swansea boss Michael Laudrup, whil the Dane was in charge of Getafe.
The winger has made over 100 appearances for Valencia.
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Summer 2016 is set to be a very exciting time for football fans, as this is when the long awaited Euro 2016 tournament kicks off.
Since Guus Hiddink arrived at the helm, Chelsea have improved considerably after a tricky start to the campaign.