The Uruguay international has opened the door to a summer transfer after five years in Italy.
He helped Palermo secure promotion back to Serie A in 2013/14 and claims to have been assured that he would be allowed to leave if top flight competition was returned to Sicily.
Portuguese champions Benfica were among the first to express an interest, with a formal bid tabled.
Hernandez has, however, spurned their advances as he waits on other offers.
Sunderland are among those to have been linked with an approach for the 24-year-old and he will wait to see what the final days of the transfer window bring.
Hernandez told tuttomercatoweb.com: “I thank Benfica and their president but I prefer to wait for another chance in a different league.
“My future? (Palermo president, Maurizio) Zamparini said to me that after promotion to Serie A he would let me go.
“Let’s see what happens. I won’t rule out staying here.”