The 27-year-old Spain international has long been linked with a move to the Premier League and now Michael Laudrup is looking to take him to Wales.
Laudrup coached him during their time together at Getafe and he wants to link up with him again.
The player's agent has confirmed that talks are ongoing over a deal which could be worth in excess of £5million.
"There is a concrete offer from Michael Laudrup," the player's representative Bayram Tutumlu told Sky Sports.
"The coach has spoken with Pablo and has explained his new project and that he could be a key man in the side.
"Pablo has always wanted to play in the Premier League."
Hernandez has a contract with Valencia until 2014, and Swansea are ready to offer him a three-year deal.