The Uruguay international left boyhood club Penarol to join the Red Devils for just under £8m in October 2020 and penned a five-year contract.
However, Pellistri has made only 24 first-team appearances for Man United in all competitions, including just four starts, and has contributed with only two assists.
His most recent assist came in a 1-0 victory away against Fulham in November last year, before he was loaned out to La Liga outfit Granada in January.
The 22-year-old - now experiencing his third loan spell in Spain after two previous stints at Alaves - has chipped in with one goal and two assists in seven outings for Granada, including a goal and an assist in a 3-3 draw against Barcelona in February.
Sir Jim Ratliffe planning squad overhaul in summer?
Pellistri still has just over a year remaining on his existing contract at Man United, but there are few signs to suggest that he will part of the club's long-term plans going forward.
According to The Mirror, Man United's new minority shareholder Sir Jim Ratcliffe is planning a squad overhaul over the summer and is keen to reduce the number of fringe players at Old Trafford.
Pellistri fits into that category having struggled to make an impact with the Red Devils, and it is looking increasingly likely that the winger will be sold this summer.
Granada head coach Alexander Medina has previously admitted he has been "impressed" by Pellistri since his temporary arrival, but it remains to be seen whether the La Liga club will look to sign the South American on a permanent basis.
Pellistri 'promised regular game time under Ole Gunnar Solskjaer'
When Pellistri joined Man United, Penarol secretary Evaristo Gonzalez claimed that the youngster would go "straight into the first team" under former Red Devils boss Ole Gunnar Solskjaer.
"In the talks with Manchester, at one point they told me: 'Due to the club's policy we don't pay for release clauses so we send the money to the club directly and you fix that problem," Gonzalez told Uruguayan news outlet Referi,
Instead, it took Pellistri over two years to eventually make his Man United debut and he has since never been given a regular run of matches in the senior side.
Pellistri will hope to end the current campaign strongly with Granada, who sit 19th in the La Liga table and are on course to be relegated, in the hope of generating interest in his services from potential suitors this summer.