The 23-year-old made two substitute appearances for Uruguay at the FIFA World Cup, but was unable to stop their elimination in Brazil.
Hernandez scored 14 goals in 28 Serie matches for Palermo last term as he helped fire them to the Serie B title.
Despite the club's promotion, Hernandez voiced a desire to leave Palermo earlier this week, stating that he was open to a switch both in Italy or abroad.
Palermo are still hopeful of keeping the player, though, and president Maurizio Zamparini told Radio Kiss Kiss: "We have not received any offers for Abel Hernandez.
"I believe he will remain with us."
Hernandez has been previously linked with the likes of Liverpool, Arsenal and Tottenham.
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