The player’s agents met with Sporting Lisbon president Frederico Varandas and United chief executives Ed Woodward and Matt Judge in Mayfair before the weekend.
The Mail claim the Red Devils are keen to strike a £55million deal with Sporting after injuries to key midfielders Paul Pogba and Scott McTominay.
United, along with Tottenham, were interested in signing Fernandes last summer, but were put off by his £70million price tag.
Sporting’s drop in valuation has seen United race ahead with plans to sign Fernandes, who has scored 12 goals in all competitions this season.
Any potential deal could also include United players heading the opposite way.
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United boss Ole Gunnar Solskjaer and assistant Mike Phelan reportedly watched the Portugal midfielder in action against Porto on Sunday.
On Friday, Solskjaer refused to deny his scouting trip.
He said: “We go back to speculation. I do go and watch games all the time, where I’ve been is irrelevant.
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“That’s another player in a different club I can’t speak about.”