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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Liverpool have unveiled their new home kit for next season, sticking with the hugely popular retro styling of the current shirt.
The reputation of the Premier League means it is the most popular and one of the most watched leagues in the world.