News of the World reports that the Blues are planning an £18million summer bid for the Spain international.
The 25-year-old has been a key player for Valencia this season and has four years left on his contract with the club.
“Pablo has had such a sensational year,” said Hernandez’s agent Mario Parri in the News of the World.
“There is talking to be done at the end of the season and while there has been interest from many clubs, Valencia have received no formal offers yet.”
