Hernandez was on loan at Real Madrid last season, with his future at Manchester United remaining unclear.
Louis van Gaal said over the weekend, reported United's website, Hernandez could yet have a role to play at United and is scheduled to join up with the club next week, but this should be put in context with the current lack of strikers at Old Trafford.
If the Red Devils bring in another striker, as expected, Hernandez will be back on the periphery of the squad.
For Tottenham, attempting to buy him is a very sensible move, and could be one of their best pieces of business in years.
Hernandez is a proven goalscorer, netting important goals in the Premier League, Champions League and World Cup for Manchester United, Real Madrid and Mexico. At international level he has a record of 40 goals in 74 games.
In three of his four seasons at United he scored goals in double figures in the Premier League, netting 20 in all competitions in his debut campaign, with 59 goals for the Red Devils altogether.
His natural finishing drew comparisons to Ole Gunnar Solskjaer, as has done his unassuming personality. Chicharito has never complained about his lack of chances at Manchester United, even when his record suggested he deserved far more.
Spurs are looking for a striker to complement Harry Kane, and this may mean being left on the bench at times if Spurs want just one up front. Hernandez is not the kind of player to rock the boat, and could be an ideal solution.
Premier League experience
Tottenham's 2013 spending spree saw big money signing Roberto Soldado fail to adapt to the Premier League, and an exit seems likely.
Chicharito settled instantly and has been at United since 2010, and is no such gamble. Instead Spurs would be buying a proven commodity who will help improve their attack.
Point to prove
Hernandez was overlooked by David Moyes, then Louis van Gaal, and largely by Carlo Ancelotti last season at Real Madrid.
The Mexican deserves to play regularly and even if he does not voice his restlessness, it's hard to believe he is not itching to prove a point to those who have not given him the regular chances to score goals, and Spurs could be the lucky recipients of him venting his frustrations on the pitch.
Unlike the big money Tottenham splurged on Roberto Soldado, Hernandez could come at around a third of the price.
With his Premier League experience and goalscoring record factored in, this is a deal which could leave Tottenham chairman Daniel Levy looking like a genius in the transfer market once more if he can pull it off.