Uruguay international Pellistri has now spent three years on the books at Old Trafford, having arrived from Penarol in an €8.5m (£7.4m) deal in the final knockings of the summer 2020 window.
However, the 21-year-old has made a mere 16 appearances for the Red Devils in that time, spending a year and a half on loan at Alaves from January 2021 to July 2022 before his breakthrough.
Pellistri's belated debut came in the quarter-finals of last year's EFL Cup, as he came off the bench for the final six minutes of a 3-0 win over Charlton Athletic and even provided an assist for Marcus Rashford.
The attacker has turned out six times for the Red Devils in all tournaments this term, including starts in the Champions League, Premier League and EFL Cup, but he is yet to open his account for Erik ten Hag's side.
The absences of Jadon Sancho and Antony had opened the door for Pellistri to stake his claim as a regular starter, but following the latter's return, Pellistri was an unused substitute in their 2-1 win over Brentford two weekends ago.
The South American's contract runs until 2025 with the option of an additional 12 months, but another temporary exit could be on the cards amid his lack of action at the Theatre of Dreams.
According to El Gol Digital, Villarreal are eyeing a move for Pellistri as a possible successor to Yeremy Pino, whom they are prepared to sell in the summer of 2024.
Twenty-year-old Pino has been linked with moves to Arsenal, Liverpool and Manchester City owing to his exploits with the Yellow Submarine, but he is without a goal or assist in eight games this season.
As a result, Villarreal are supposedly already scoping out replacements for the Spain international, and Pellistri could make the switch to La Ceramica in the January window.
Man United head coach Ten Hag reportedly vetoed an exit for Pellistri over the summer given his high hopes for the Uruguay international, who made two starts for his nation at the 2022 World Cup.
However, with other wingers still preferred by the Dutchman, Pellistri - who started for his nation in a 2-2 World Cup qualifying draw with Colombia on Thursday - may be open to another loan transfer for the second half of the 2023-24 campaign.
Should Pellistri swap Old Trafford for La Ceramica, he would be following in the footsteps of compatriot Diego Forlan, who joined the Spanish outfit from the Red Devils in the summer of 2004.
Forlan netted just 17 goals in 97 games for Man United, but he amassed 25 strikes in 38 La Liga games during his debut season with Villarreal, taking home the Pichichi Trophy as the division's highest scorer alongside Samuel Eto'o.
Villarreal have won just two of their opening nine La Liga games this term to sit 16th in the table, while Man United are languishing in 10th place in the Premier League rankings, having posted four victories and four losses from their first eight matches.