The Red Devils are understood to be keeping tabs on the Uruguayan international, and could be tempted into make a £58.9 million offer for his services at the end of the campaign.
Still only 23, the South American is said to be dissatisfied with his current situation in the Spanish capital, despite having started 10 out of 12 matches for which he has been available this term.
That discontent has piqued the interest of United, who are now understood to be monitoring his situation with increased attention.
Who is Federico Valverde?
The midfielder started his career with Penarol in his home city of Montevideo, but quickly attracted the attention of Real Madrid, and were signed to their Castilla development side after just a handful of senior outings.
Since 2016 he has plied his trade in Spain, and made the step up to Real’s first team a year later.
Aside from a loan spell with Deportivo La Coruna, he has remained there ever since, amassing 82 appearances and scoring five goals.
As well as his burgeoning club career, Valverde has picked up 35 senior caps for Uruguay.
How likely are Man United to seal the deal?
It’s difficult to say at this early stage, but it’s certainly a transfer that could make sense for all parties.
If Valverde is truly unsettled in Spain, then a move isn’t out of the realms of possibility at all, and there’s no denying that a central midfielder – especially one with a more defensive outlook – should be a priority.
El Nacional’s report fails to make any mention of Real’s stance with regards to the player’s potential exit, and that could prove to be the biggest stumbling block, but there’s also the possibility that a significant offer in the wake of the financial stresses of the pandemic could force them to at least consider his future.