The former Sporting Lisbon man has been nothing short of sensational since arriving in January 2020, banking 43 goals and 25 assists in 83 appearances for the club in all competitions.
Fernandes's existing deal with the Red Devils is not due to expire until the end of the 2024-25 season, but United reportedly want to reward the Portuguese's performances with a bumper new contract.
According to The Sun, Fernandes could be in line for a new £300k-a-week deal at Old Trafford, with Ole Gunnar Solskjaer aiming to make him one of the club's highest earners alongside Paul Pogba and David de Gea.
Fernandes's agent Miguel Pinho supposedly wanted to insert a release clause into any new deal for Fernandes, although United chiefs swiftly rejected that proposal.
The 27-year-old already has three goals to his name in the 2021-22 Premier League season, all of which came in his side's opening-day thrashing of Leeds United.