The former Red Devil believes the striker may ponder his options if he remains a bit player at Old Trafford although he feels the Mexican would find it hard to leave.
The Mexico international is widely used as a substitute at Old Trafford despite a superb scoring record that has seen him grab 54 goals in 126 appearances for the Red Devils.
Chicharito has scored four times already this season, despite being behind Wayne Rooney and Robin van Persie in the pecking order, and Meulensteen admits he is a big fan of the 25-year-old.
"Chicharito Hernandez is a fantastic striker. Wherever he pops up he will score goals," he told talkSPORT. "With Hernandez, having Robin van Persie in that position mean sometimes you will fall short. That's why it's so important that, at the right time, you mix up the combinations and that all these players feel like they contribute to the competitions that you play in."
The striker has been linked with a January move to Arsenal in recent days and while Meulensteen says he would not rule out a transfer away from the club, he does believe the player might find it difficult to quit Old Trafford.
"If Hernandez comes to an age where he thinks he wants regular football and he can get into another top team in the Premier League then I can see him considering it, but it's not easy leaving Manchester United," the Dutchman said.