According to Italian daily Corriere Fiorentino, West Ham are working on a deal to sign the 32-year-old defensive midfielder and are close to getting a deal over the line.
"I'm a dreamer", Hernandez told the club website ahead of Sunday's trip to Liverpool.
The striker finally leaves the North Londoners despite many statements by his agent saying that the Spanish worldwide wants to stay at the Emirates Stadium but it is likely that Lucas Perez chose to leave the club because he was afraid that he won't get enough playing time this season under Unai Emery.
The club statement regarding the signing reads: "West Ham United are delighted to announce the signing of striker Lucas Perez from Arsenal". He spent the second half of last season on loan with Espanyol in La Liga.
However, the striker then opted to return to Deportivo on loan last season in search of more regular first-team football. I'm very excited and looking forward to achieving lots, ' said Sanchez after completing his move.
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'I wish you all the best for the future and I hope you can go and achieve great things'.
"There are other clubs interested but joining West Ham would allow him to continue in London and in the Premier League and Lucas wants to continue in London".
West Ham director of football Mario Husillos moved for Sanchez following a ringing endorsement from the Colombian manager Jose Pekerman under whom he has reached nearly 100 worldwide caps.
Financial details of the deal were not disclosed, but local media said West Ham had paid about 4 million pounds for the Spaniard.