Composed central defender Herrington has been the subject of interest from European clubs - including powerhouses like Barcelona and Liverpool - since before the World Cup.
The 18-year-old's stunning start to life as a Socceroo, and his impressive debut World Cup, has only ramped up interest.
While a deal has not yet been done, MLS club Colorado Rapids are in negotiations with Hull City with reports of a transfer fee between AUD $35 million and $38 million.
It means the fee for Herrington would smash the $23 million Australian transfer record set by Harry Souttar's move to Leicester City in 2023.
Brisbane Roar product Herrington would also be the only Socceroo in the Premier League this season, at this stage.
Hull City owner Acun Ilicali confirmed the newly-promoted club's interest in Herrington to the BBC on Saturday.
Asked if Herrington was someone Hull were looking at, Ilicali said: "Yes.
"He's (got) very big potential. Very young boy. I think (a) future star. We are very close, very close."
Asked when he thought a decision might be made on Herrington, Ilicali said: "One week."
Herrington, whose contract with the Rapids runs until 2029, with the option of a further year, played a full match on Sunday in a 1-0 win over Austin FC that could be his final game for the club.
While the 18-year-old - who suited up for the MLS All-Star team earlier in the week - was made available to local media, it was reported questions about a potential transfer were off limits.
Colorado don't play again until August 16 so it appears likely Sunday's game was Herrington's final bow.
If his move is completed, he will join fellow Socceroos breakout sensations Patrick Beach (Troyes) and Paul Okon-Engstler (FC Koln) in sealing post-World Cup moves to top-five leagues.
Exciting attacker Nestory Irankunda has also been linked to a post-World Cup move away from Watford but that as yet has not eventuated.
Herrington impressed with his calm and composed displays at the World Cup, playing beyond his years.
The defender stepped up to take a penalty in the shootout against Egypt, but hit the crossbar, as the Socceroos again fell at the first knockout stage.
Brisbane also made headlines during the World Cup after it emerged the club had cashed in early on Herrington when Colorado came knocking to buy out the Roar's sell-on clause on the teenager.
That decision is now set to cost the A-League Men club millions.
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