In May, the Gunners youngster hit the headlines after being allowed to link up with the senior side ahead of the FA Cup final with Chelsea.
The 18-year-old did not feature in the squad for the showpiece final at Wembley, nor has he made a first-team appearance, but it appears that interest has come in for the teenager's signature.
According to The Independent, United are looking to take advantage of McGuane having less than 12 months remaining on his contract at the Emirates Stadium.
Arsenal are expected to offer the defensive-minded player a fresh deal, but both the North Londoners and United are likely to face competition for his services.
It has been claimed that Serie A giants Juventus are currently the frontrunners to complete a deal.