Real Madrid have offered Atletico Madrid left-back Hernandez a lucrative deal to switch across the Spanish capital.
Hernandez, 19, is currently on loan at Alaves for the season but is expected to return to Atletico in the summer.
He has a £20.5million release clause that has attracted the attention of Spain’s two biggest clubs.
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And Spanish newspaper AS claim Barca are hoping to muscle in on Real’s move for the player.
According to the report, Barca have offered Hernandez a contract similar to Real’s proposal.
Real’s five-year contract offer would see Hernandez earn a wage increase each year, starting from £100,000 a week in the 2017/18 season.
Real Madrid and Barcelona want to sign Theo Hernandez
Real Madrid have reportedly offered Hernandez (right) a contract worth £100,000 a week
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Barcelona are said to have made a rival offer for Hernandez (left)
It is claimed Barca’s offer is not as lucrative but that the Frenchman has already had his head turned by the proposal.
Atletico are desperate not to sell to either club but are powerless to prevent Hernandez moving unless they themselves offer him a new deal with either an increased release clause or no clause at all.
Liverpool and Bayern Munich have also monitored the youngster in recent weeks.