The 20-year-old is back at Old Trafford following a loan spell with Preston North End in the 2022-23 campaign, where he set up six goals in 42 matches across all competitions.
Fernandez played in four of Man United's pre-season friendlies, but he is behind Luke Shaw and Tyrell Malacia in the left-back pecking order and could move on in search of regular game time.
According to Sky Sports News reporter Lyall Thomas, Burnley have shown an interest in signing the Spanish youngster after witnessing him excel at Deepdale last season.
It is unclear if Man United are prepared to let Fernandez leave the club this summer, but he is in the final year of his contract, which includes an option to extend for a further 12 months.
Fernandez left Real Madrid's youth academy in 2020 to join the Red Devils and made the bench for their final four games in the 2021-22 Premier League season, but he is yet to make his senior competitive debut for the club.
Over in the Scottish Premiership, Rangers are believed to be plotting a move for Millwall centre-back Jake Cooper.
The 28-year-old has been loyal to the Championship side for six-and-a-half years since leaving Reading in January 2017 and has now made 302 appearances for the club in all competitions.
Cooper has provided a consistent goal threat from the back with 22 strikes and 17 assists for Millwall, but his contract runs out at the end of the current campaign.
According to Football Insider, Rangers are hoping to seal a cut-price move for the defender before the end of the summer window, and the Gers have been interested in Cooper for some time.
The report adds that Rangers have accelerated their efforts to sign Cooper in the past few days, having made contact with Millwall to kickstart negotiations.
Rangers allegedly failed with an offer of £3m for Cooper back in 2018, and the 6ft 6in defender previously represented England up to Under-20 level.
Over in Turkey, Fenerbahce have reportedly reached an agreement to sign Marseille winger Cengiz Under.
Les Olympiens purchased the Turkey international for a fee of €8.4m (£7.3m) last summer, after he scored 10 Ligue 1 goals during the 2021-22 season while on loan from Roma.
Under came up with another five goals and six assists from 46 matches in a Marseille shirt across all tournaments last term, but he may struggle for regular starts in the Olympiens attack this year.
Pierre-Emerick Aubameyang, Iliman Ndiaye and Ismaila Sarr have all arrived at the Orange Velodrome this summer, and Under's contract only runs until the summer of 2025.
According to Fabrizio Romano, Fenerbahce have now struck a deal to bring Under back to his homeland permanently, and he will soon undergo his medical tests with his new club.
The 26-year-old previously represented Istanbul Basaksehir before joining Roma in 2017, while he also represented Leicester City on loan in the 2020-21 campaign.
Finally, Middlesbrough have supposedly had a bid for Atalanta BC striker Emmanuel Latte Lath accepted by the Italian giants.
Michael Carrick's side are on the verge of losing star forward Chuba Akpom, who is believed to be on the verge of joining last year's Ligue 1 runners-up Lens.
According to Football Insider, Middlesbrough are set to replace the ex-Arsenal product with Lath, who has failed to make his mark at Atalanta since coming through their youth ranks.
The 24-year-old has only played three games for Atalanta's first team - all of which came in the 2016-17 Coppa Italia - and he is also due to become a free agent in 2024.
However, Lath impressed during a loan stint with Swiss outfit FC St. Gallen 1879 last season, scoring 16 goals and providing four assists in 34 matches across all tournaments.