Lazio are reportedly willing to let Hernanes leave in January if they receive an offer of €18m (£15m).
The Brazilian's future at the Stadio Olimpico is in doubt as talks over a new deal continue to stall.
According to Il Messagero, Biancocelesti president Claudio Lotito is considering the option of cashing in on the former Sao Paulo midfielder, who arrived in the Italian capital in 2010.
The 28-year-old is said to be holding out for a salary of £2.1m despite Lazio standing firm on their offer of £1.5m.
Arsenal, Tottenham Hotpsur, Manchester City, AC Milan, Inter Milan and Barcelona have all been linked with moves for Hernanes.
