The Italian report claims the initial loan fee will be in the region of £900,000, with an option to buy the player outright for £8 million. Moreover, the player is said to be set to have his medical in Florence on Sunday.
West Ham are looking to trim the squad after bringing in a host of players this summer, with Carlos Sanchez and Jack Wilshire arriving to bolster the midfield area.
Newly-appointed manager Manuel Pellegrini has been backed heavily in the transfer market as the east London club have spent over £99m.
Fernandes arrived at West Ham in the summer of 2016 and has since gone on to make over 40 Premier League appearances for the club, including 28 in his debut campaign. Last season Fernandes found himself mostly out of the first-team picture for the majority of the campaign, starting just a handful of matches. The 22-year-old has just two years left on his contract at West Ham.