The 22-year-old enjoyed a breakthrough season in MLS for the Florida-based club in 2023, finding the net 13 times in 32 league appearances for the Lions.
McGuire played college soccer at Creighton University in Nebraska before earning the right to feature in the top flight of American football last term.
The attacker's performances for the Lions have led to rewards on the international stage, with the youngster earning his maiden USA first-team cap on January 20.
Following an impressive campaign for Orlando, the Daily Mail are suggesting that McGuire is closing in on a move to Europe - specifically Championship side Blackburn.
The report claims that Jon Dahl Tomasson's men had agreed a £2.3m deal for the striker earlier this week, with the player flying over to England to finalise the move on Wednesday.
However, whilst McGuire was it transit, it is understood that Blackburn pulled out of the deal, leaving the attacker's move to European football in jeopardy this month.
A number of other clubs are said to be keen on McGuire, including fellow second-tier side Sheffield Wednesday, who held talks with the American over a potential switch to Hillsborough.
In another turn of events, it is believed that Blackburn have returned to the table for the 22-year-old, offering Orlando a loan deal with an option to buy in the summer.
The Lions are reportedly set to do business with the Lancashire club under the revived terms as they are willing to pay more at the conclusion of the season for the striker than Danny Rohl's Owls.
Blackburn have considerable room for maneuver in the dying stages of the January window after selling Adam Wharton to Crystal Palace in a deal worth up to £22m.
Tomasson's men have not kept a clean sheet since November and have targeted their backline as an area for improvement, signing centre-back Kyle McFadzean from Coventry City on a free transfer.
A move to Ewood Park for McGuire would see him link up with the Championship's leading goalscorer Sammie Szmodics, who has netted 16 times in 26 second-tier contests so far.
Looking to build on a 4-1 thrashing of Wrexham in the FA Cup on Monday night, Rovers welcome relegation-threatened Queens Park Rangers to Ewood Park on Saturday afternoon.