The report claims that the Sporting Gijon defender is a free agent this summer following the expiration of his contract and Leicester are poised to make him their first signing ahead of next season.
The Foxes are said to be on the lookout for a new defender to rival Robert Huth and Wes Morgan for a first-team spot next season as the experienced duo are both in their thirties.
Hernandez, 27, has been a key figure for Sporting this season and helped the club preserve their La Liga status as they pulled off any unlikely escape on the final day of the campaign.
The former Real Madrid man is predominantly a centre-back though he is also capable of covering at right-back, averaging 3.9 interceptions and 5.1 clearances per league match this past season.
Leicester’s stock across Europe has risen dramatically following their Premier League title win, yet the club have strongly suggested they won’t be in the market for any big-name signings this summer.
Hernandez is a rather unknown quantity outside of Spain, yet he possesses plenty of ability and Claudio Ranieri seemingly sees him as an ideal acquisition to add to his talented squad.
The report goes on to say that the defender is keen to move to Foxes after four years at struggling Gijon.