When United signed Pellistri from Penarol in 2020, much was made of the deal with the attacker expected to become a first-team player at Old Trafford in due course.
However, under different managers, the Uruguay international has rarely been provided with opportunities to impress, much of his stint at United being spent on loan at Alaves.
In the summer, the decision was made to keep the 22-year-old at the Theatre Of Dreams, Erik ten Hag seemingly hoping to hand Pellistri more chances.
That has not materialised, though, with just three starts and 11 substitute outings being made in all competitions, and just 165 minutes coming in the Premier League.
With United having been eliminated from European competition, decisions are being taken to reduce the playing numbers in the senior ranks, partly to free up space on the wage bill to acquire at least one fresh face.
Pellistri falls into the bracket of being available for transfer should the right opportunity arise, and United and the player allegedly have a decision to make on the next phase of his career.
According to transfer expert Fabrizio Romano, PSV have approached United to see whether they can successfully negotiate a loan deal for the playmaker.
The Dutch giants are currently enjoying one of the best campaigns in their history with Peter Bosz's side yet to drop a single point in 16 Eredivisie matches.
Furthermore, PSV have also progressed through to the last 16 of the Champions League and have ambitions to win another KNVB-Beker trophy, leading to an interest being taken in Pellistri.
Nevertheless, Romano says that they face competition from Los Angeles Galaxy, who are said to want to acquire the services of Pellistri on a permanent deal.
United are said to be ready to take the following days to contemplate their options, it unclear whether Pellistri would prefer to remain in Europe or take on a new challenge in MLS.
Just 18 months remain on his contract at United, although the Premier League outfit possess the option of extending those terms by an extra 12 months at the back end of 2024 should they so wish.