The Sevilla midfielder is out of contract in the summer and looks unlikely to extend his stay with the Spanish club.
Italian giants Inter Milan are said to be keen on the player, but reports now claim United will hijack their contract offer.
ITA Sport Press say the Premier League giants are preparing a deal worth around £3.5m-a-year for the 27-year-old.
Inter are said to be putting together an offer of £2.7m-a-year.
Banega joined Sevilla from Spanish rivals Valencia in August 2014.
The Argentine international has also played for Atletico Madrid.
