TMW says Wolves are fighting Celtic to sign the experienced forward. However, Wolves' spending power is set to leave the Hoops stunned.
Hernandez is off contract in June and Wolves are offering a massive signing on bonus to take him to Molineux.
Wolves will table a €5m bonus plus a contract worth €3m-a-year to keep him in England next season.
Hernandez, 27, joined Hull in 2014 from Palermo.