United-owned Mexico international striker Hernandez played on loan for Spanish giants Real Madrid during the 2014-15 season.
The former Guadalajara star was deemed surplus to requirements by Red Devils manager Louis van Gaal, and it remains to be seen if the Dutchman will be willing to give him another chance.
Former United striker Cole believes that Hernandez should be given another chance at Old Trafford and has highlighted his quality.
Hernandez moved to United from Mexican club Guadalajara in the summer of 2010, but he has never been considered a first-team regular at the Premier League giants.
The Mexican has also been inconsistent at Old Trafford, and he was not in great form for Madrid in the recently concluded 2014-15 season either.
Hernandez scored seven goals and created 11 chances in 23 La Liga appearances, and had a pass accuracy of 82% and a shot accuracy of 64%.
In eight Champions League matches, the Mexican scored one goal and created three chances, and had a pass accuracy of 80% and a shot accuracy of 43%.