However, it's not all good news, with the Argentine's contract set to expire in just a year.
The Madrid-born star is undoubtedly doing his very best to force his way into manager Erik ten Hag's plans next season, with some stand-out performances for club and country.
Garnacho scored twice in an 3-1 FA Youth Cup final win over Nottingham Forest 3-1 in front of a packed out Old Trafford in May, and has already earned a first team call up.
Now playing for Argentina under 20s, the winger scored the goal of the match in a 6-2 loss to France, firing in a long range free-kick that Cristiano Ronaldo would have been proud of.
The former Atletico Madrid academy player has surprised many with his idolising of Ronaldo, who played for rivals Real, and even favours him over fellow Argentine Lionel Messi.
Garnacho even drew ire from fellow Argentine Sergio Aguero who complained on an Instagram post where the youngster called Ronaldo, and not Messi, the 'greatest of all time'.
With two appearances for the Red Devils last season, he's already shared a pitch with Ronaldo, and there's plenty of hope Ten Hag can continue his track record of developing star youngsters.
But with his contract expiring in 12 months, United will have to tie the future star down to a long-term deal as soon as possible, or risk his price tag rocketing as he continues to shine.
talkSPORT's Micky Gray was at Garnacho's match-winning performance at the FA Youth Cup final in May and was full of praise for the youngster.
"I think Manchester United have found themselves a new superstar," he said after the two-goal performance.