An X-ray on the Costa Rican international's left wrist after the 1-0 win over Melbourne Heart at AAMI Park in December showed a fracture that was expected to keep the 31-year-old out for 5-6 weeks.
But further investigation through a CT scan after returning to Wellington revealed it was an old injury and that an operation would not be required.
A stunning 3-1 victory at the Western Sydney Wanderers on New Year's Day saw the Phoenix record their third successive win after going the first 10 rounds without a victory.
Hernandez was delighted to be back in action so soon with the positive news also keeping his World Cup dream alive.
"I was very happy when they told me I could carry on playing," Hernandez said.
"While everyone at the club has been positive throughout there is a lot more confidence after three wins, and with two home games to come I wanted to be a part of it."
The news of Hernandez's return was soured slightly by a season-ending injury suffered to young full-back Louis Fenton against the Wanderers.
The New Zealand international has had shoulder issues all season, culminating in the dislocation of his right shoulder at Pirtek Stadium.
Fenton, who has another year on his contract, will undergo surgery next week in a bid to be fit for the 2014-15 season.
