The 20-year-old joined the Red Devils' academy at the age of 12 in 2014 before working his way through the youth ranks and making his senior debut under Ole Gunnar Solskjaer in May 2021.
Elanga has since made a total of 52 first-team appearances for United across all competitions, recording four goals and four assists, but the winger has struggled to nail down a regular place in Erik ten Hag's starting lineup.
The Sweden international has only started seven of his 23 appearances in all tournaments so far this season, including five starts in 16 Premier League outings, with the likes of Marcus Rashford, Antony and Alejandro Garnacho all preferred ahead of him in wide areas.
Man United were understood to have received more than 10 bids for Elanga during the January transfer window, with clubs including Everton, Borussia Dortmund and PSV Eindhoven all credited with an interest.
Meanwhile, La Liga leaders Barcelona were allegedly considering a surprise deadline-day swoop for Elanga, but Ten Hag is said to have blocked a shot-term exit for the winger as the Dutchman was reluctant to weaken his squad with United competing in four competitions.
However, according to the Manchester Evening News, Man United are planning to let Elanga leave on loan this summer along with Facundo Pellistri
Pellistri is another who has had to settle for a back-up role at Old Trafford this season, with the 21-year-old winger making just seven appearances in all competitions.
The report adds that United are reluctant to sell Pellistri but intend to loan out the winger in search of regular first-team football before deciding whether he has a first-team future at the club.
The same seemingly applies to Elanga, who still has just over three years remaining on his contract with the Red Devils.
Man United currently have a number of highly-rated youngsters out on loan, including winger Amad Diallo who has scored eight goals and provided two assists in 28 Championship appearances for promotion-chasing Sunderland so far this season.
The likes of Hannibal Mejbri, Alvaro Fernandez and Shola Shoretire have also been plying their trade in the lower divisions of English football this term, representing Birmingham City, Preston North End and Bolton Wanderers respectively.
While Ten Hag will be exploring ways in which he can refine his squad ahead of next season, the Dutchman is also keen to reinforce the Red Devils with a new centre-forward, with Tottenham Hotspur's Harry Kane believed to be high on his list of targets.
However, Man United are allegedly reluctant to get caught in a tug-of-war for the 29-year-old and could instead turn to Napoli goal machine Victor Osimhen.