Hernandez only moved to the Premier League at the start of the season but has scored 18 goals in all competitions for United, as well as displacing club-record signing Dimitar Berbatov in the starting line-up of late.
The Mexico international has won widespread acclaim in recent months and was named on the shortlist for the PFA Young Player of the Year award. Giggs feels he is in a similar mould to Solskjaer, who scored 126 goals for the club.
"It seemed in pre-season that Chico was a born goalscorer, similar to Ole [Gunnar Solskjaer] in that he scores important goals and wants to score important goals," Giggs said. "He plays on the shoulder and runs in behind.
"It also has a massive effect on the team because Wayne is able to pick up the space behind him. It gives Wayne space to play and produce performances like he did [against Chelsea]. So Chico is really important not only for his goals but his overall team play as well. He stretches teams and that's great for the lads behind him, because it gives them space to play.
"He's a constant worry because defenders don't want to be running in behind you, it's as simple as that. He is always in the right place at the right time too and that's a great knack, one that Ole had.
"The manager has always bought young players who he tries to develop. Cristiano Ronaldo was the same, as was Wayne. The club signs young players to develop them and it's the same with Chico."