25-year-old centre-back Ranocchia was one of the standout performers in an otherwise disappointing Inter Milan side last season.
The Italian giants finished a lowly ninth in Serie 'A', but the Italy international impressed. And national newspaper Gazzetta dello Sport has claimed Manchester United will now take a closer look at both players as Inter will be forced to sell before they can buy.
The giant 6ft 5in defender made 39 appearances for Inter, and was their best performing player over the course of the league season - according to football statistics website whoscored.com.
Injuries prevented Inter from partnering him with a teammate on a consistent basis over the course of the season - Walter Samuel made just 16 appearances, Matias Silvestre just 9 and Cristian Chivu managed only 10.
26-year-old Guarin primarily operates as a central midfielder, and the Colombian international has been heavily linked with a move to the Premier League this summer.
The attacking midfielder made 32 league appearances for Inter last year, scoring four goals while providing three assists.
But the Premier League champions have been linked with several central midfielders as well as Guarin.
A move for Barcelona's Thiago Alcantara has been widely reported in recent days, while Kevin Strootman - a one-time target for the Old Trafford club - hinted at a Premier League move earlier this month.