Manchester United close in on Michu

Manchester United could secure Rayo Vallecano midfielder Michu for a cut-price £3m fee, according to reports.

The Spaniard, real name Miguel Perez Cuesta, has reportedly been a long-term target for Sir Alex Ferguson after smashing 17 La Liga goals last season.

According to the Daily Mail, the 26-year-old could be available for a knock-down price due to Rayo's financial problems.

Liverpool are also rumoured to be interested in the player, who moved to Rayo on a free transfer from Celta Vigo last summer.