Corriere dello Sport claim the Red Devils have agreed a £63m fee with Sporting Lisbon to land the free-scoring playmaker.
They say the former Sampdoria and Udinese midfielder is ready to undergo an Old Trafford medical to finalise a huge move.
It is understood the move will not effect Ole Gunnar Solskjaer's bid to sign Lazio midfielder Sergej Milinkovic-Savic, with that transfer only set to go through if Paul Pogba departs.
Reports from ESPN have claimed the Frenchman is edging closer to a Real Madrid move as they launch a fresh assault to land the World Cup winner.
Fernandes is being heavily tipped to make the move to Old Trafford after impressing for Sporting Lisbon last season.
Despite United distancing themselves from reports, it is now being claimed the move is close to happening after Fernandes and Sporting Lisbon chiefs have hinted at serious interest.
Fernandes has talked up his desire to move to the Premier League and refused to rule out their friendly draw with Liverpool in midweek being his last game for the Portuguese club.
Fernandes said: "Will this be the last match for Sporting? I don't know, it's the coach who decides.
"I told you before I'd like to play in England, but I don't care about it right now.
"If it could be this season? It could be when the club decides, I'm not in charge."
Meanwhile, his manager, Marcel Keizer, hinted he could leave before the end of the transfer window.
"For me they can close the window," Keizer said [via A Bola ].
"It would be enough for me.
"At all times, before starting, one expects exits and entrances. We have to wait.
"We want to keep the best, but we're in the market.
"Soon we have to wait. We are not in the position where we can keep everyone.
"It depends, of course, on what enters later if Bruno leaves. Quality players like that we can't replace."