The Mexico international currently plies his trade for Bayer Leverkusen in the Bundesliga, where he has scored 33 goals in 66 appearances since joining for £7.3m in 2015.
Despite currently being on a run of 12 games without a goal in all competitions, spanning back to a key strike against Borussia Dortmund on October 1, Hernandez's form over the previous year is said to have been enough to attract the interest of English clubs.
The Mirror reports that both Spurs and Liverpool are preparing to make rival offers to bring the 28-year-old on board in January, with Valencia's rumoured interest in the striker forcing them into making action sooner than planned.
It is claimed that Valencia will meet the £33.5m buyout clause in Hernandez's contract, which is far more than Spurs and Liverpool would be willing to pay for the man let go by Louis van Gaal during his time at Old Trafford.
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